Solana price is up 36% from its crypto market crash lows — Is $180 SOL the next stop?

Solana price is up 36% from its crypto market crash lows — Is 0 SOL the next stop?

The Solana network saw an uptick in deposits over the past week. Is this enough to sustain a rally toward $180?

Solana’s native token SOL (SOL) failed to maintain its bullish momentum after reaching the $134 level on April 14, but an assortment of data points suggest that the altcoin’s rally is not over. SOL price is currently 57% down from its all-time high, partially due to a sharp decline in its DApps activity, but some analysts cite the growth in deposits on the Solana network as a catalyst for sustained price upside in the short term.

Solana has established itself as the second-largest blockchain by total value locked (TVL), with $6.9 billion. After gaining 12% over the seven days ending April 16, Solana has pulled ahead of competitors such as Tron, Base, and Berachain. Positive signs include a 30% increase in deposits on Sanctum, a liquid staking application, and 20% growth on Jito and Jupiter.

One could argue that Solana’s TVL roughly matches the Ethereum layer-2 ecosystem in deposits. However, this comparison overlooks Solana’s strong position in decentralized exchange (DEX) volumes. For example, in the seven days ending April 16, trading activity on Solana DApps totaled $15.8 billion, exceeding the combined volume of Ethereum scaling solutions by more than 50% during the same period.

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