Despite a 9% drop in the price of Solana (SOL) from March 28 to April 4, some key indicators of this network have shown significant growth. Solana network maintains its second position in terms of trading volume and deposits, surpassing blockchains like Binance Smart Chain (BSC), Tron (TRX), and Ethereum layer 2 networks. Recent decrease in investor interest in Solana may be linked to the unlocking of 1.79 million staked tokens on April 4. Additionally, the decline in demand from yield farmers due to waning interest in meme coins has impacted this trend. Despite a 20% drop in several Solana blockchain meme coins over the past seven days, the Total Value Locked (TVL) in Solana has reached its highest level since June 2022. By April 2, decentralized program deposits on Solana reached 53.8 million SOL, equivalent to $6.5 billion, $780 million more than its closest competitor, Binance Smart Chain. In addition, according to DeFiLlama data, Solana’s share in the decentralized exchange market is over 24%, while Binance Smart Chain has 12% and Base only 10%. Despite a 95% drop in the trading volume of the Raydium exchange, Solana has maintained its popularity thanks to its focus on scalability and seamless user experience. Overall, despite price challenges, Solana has solidified its position as the second top decentralized application network after Ethereum, which could aid in improving the price of this digital currency. At the time of writing, Solana is trading around $119.
