Solana NFT marketplace integration and DApp metrics shine even after SOL’s 20% drop
SOL price gave up a chunk of its recent gains, but data shows there are strong reasons for investors to remain bullish. Solana (SOL) price reached $143.50 on April 2 after an incredible 82% rally over a 20 day period. This positive performance can be attributed to recent nonfungible token (NFT) markets-related news and a marketwide bounce, but the current 22.7% decline could have investors confused.
The rally started after Coinbase Wallet added support for SOL and other Solana-based blockchain tokens on March 18. The crypto exchange also outlined plans to “further integrate” with Solana by connecting the Coinbase Wallet with the decentralized applications (DApps) and NFTs hosted on the network.
The expectation of OpenSea’s integration of the Solana network also excited investors. This means Solana will join Ethereum, Polygon and Klaytn as the payment options visible in the drop-down “all chains” tab on OpenSea’s “rankings” page. Solana’s strategy to focus on NFT markets seems to have paid off because the layer-1 blockchain network has risen to third place in all-time total NFT sales on April 6. Moreover, the latest 30-day accumulated data shows Solana amassing $216 million worth of NFT sales.
Solana’s DApp deposits are on the decline
Solana’s primary decentralized application (DApp) metric started to display weakness in late March after the network’s total value locked (TVL) dropped below 50 million SOL. The chart shows how Solana’s DApp deposits saw a 30% decrease in three weeks as the indicator reached its lowest level since September 20, 2021. As a comparison, Terra’s TVL increased by 34% year-to-date, while Fantom network deposits grew by 30%.
On the bright side, on April 5, Neon released an alpha version for the first Solana Ethereum Virtual Machine (EVM) cross-compatibility and scaling solution. On April 7, Solana announced that over 1.6 million network addresses currently hold an NFT.
A DeFi application stood out front the crowd
To confirm whether the TVL drop is concerning, one should analyze DApp usage metrics. As shown by DappRadar data on April 8, the number of Solana network addresses interacting with decentralized applications increased by 11% on average. Orca, a user-friendly decentralized exchange (DEX), was the absolute highlight, amassing 153,290 users.
Even though Solana’s TVL has been hit the hardest compared to similar smart contract platforms, there is solid network use on DeFi and NFT marketplaces, as measured by Magic Eden’s 212,230 active addresses in the last 30 days.
The data above suggests that Solana investors should not worry about the most recent correction. The Solana ecosystem is fueled by the delivery of important milestones toward Ethereum compatibility and NFT market integrations. As long as this happens, the potential for further price appreciation seems likely.
Top Cryptocurrencies with Price Predictions
| # | Crypto | Prediction | Accuracy | CVIX | Price | 24h | 7d | Market Cap | 7d price change | |
| 1 |  BTC |
Bitcoin predictions | 88.8% | 17 | $66 256.11 | 7.64% | 8.28% | $1 305 166 889 304 |  |
|
|---|---|---|---|---|---|---|---|---|---|---|
| 2 |  ETH |
Ethereum predictions | 84.8% | 21 | $3 036.39 | 5.38% | 2.16% | $364 721 718 943 |  |
|
| 3 |  USDT |
Tether predictions | 96% | 1 | $1.000446 | 0.08% | 0.09% | $111 001 715 582 |  |
|
| 4 |  BNB |
Binance Coin predictions | 86.4% | 17 | $581.94 | 2.69% | -1.06% | $85 886 094 383 |  |
|
| 5 |  SOL |
Solana predictions | 78.4% | 33 | $158.08 | 11.29% | 11.09% | $70 921 871 054 |  |
|
| 6 |  USDC |
USD Coin predictions | 91.2% | 1 | $1.000037 | -0.01% | 0.01% | $33 239 480 741 |  |
|
| 7 |  XRP |
XRP predictions | 88.4% | 13 | $0.519012 | 3.83% | 0.35% | $28 732 049 377 |  |
|
| 8 |  TON |
Toncoin predictions | 67.2% | 64 | $7.00 | 2.14% | 21.38% | $24 302 390 147 |  |
|
| 9 |  DOGE |
Dogecoin predictions | 81.6% | 33 | $0.155526 | 6.95% | 8.54% | $22 443 374 038 |  |
|
| 10 |  ADA |
Cardano predictions | 84% | 18 | $0.452955 | 5.82% | 0.08% | $16 157 305 139 |  |
|
| 11 |  SHIB |
SHIBA INU predictions | 76% | 48 | $0.000025 | 9.96% | 12.02% | $14 879 264 787 |  |
|
| 12 |  AVAX |
Avalanche predictions | 83.6% | 33 | $34.68 | 9.84% | 1.84% | $13 249 996 185 |  |
|
| 13 |  WTRX |
Wrapped TRON predictions | 74.8% | 41 | $0.126506 | 0.96% | 2.90% | $11 064 379 133 |  |
|
| 14 |  TRX |
TRON predictions | 76% | 45 | $0.126405 | 0.81% | 2.87% | $11 055 598 142 |  |
|
| 15 |  WBTC |
Wrapped Bitcoin predictions | 84.8% | 17 | $66 230.84 | 7.57% | 8.37% | $10 298 667 970 |  |
