Solana NFT Marketplace Continues Thriving Despite The Recent SOL 20% Dump

The latest market analysis confirmed that the Solana (SOL) price reached $143.50 on April 2 after an incredible 82% rally in the last 20 days. This uptrend performance can be associated with recent NFTs market-related news and the general market mania. Despite the current 23.7% decline, data shows many reasons that make investors remain bullish.

The incredible rally started after crypto exchange Coinbase added support for Solana and other SOL-based blockchain tokens on March 18. At the time, Solana crypto exchange also hinted plans to integrate the creation of Coinbase Wallet with decentralized applications (DApp) and non-fungible tokens (NFTs).

The highly anticipated partnership with OpenSea this month has also impressed many investors. Upon success, Solana will now join Ethereum, Polygon, and Klaytn as the payment options in the drop-down “all chain” tab on the OpenSeas official page.

Notably, Solana’s accelerated efforts in NFTs markets have paid off. On April 6, the layer one (L1) blockchain network soared to third place in the all-time list of total NFT sales. Moreover, according to 30-day accumulative data, SOL has amassed at least $216 million worth of NFTs sales.

DApps On Solana Lose 30%

Solana’s deposits in the primary decentralized application (DApp) have declined in the last few weeks. DApp metric started displaying weakness late last month after the total values locked dropped below SOL 50 million.

DApps deposits on Solana have seen a 30% decrease in the last three weeks as the indicator reached its lowest level since September 20, 2021. In a short contrast, the TVL in Terra has grown by 34%, while Fantom network deposits grew by 30%.

On the other hand, on April 5, 2022, Neon successfully launched the alpha version of the first Solana Ethereum Virtual Machine (EVM) cross-compatibility and scaling solution. On April 7, Solana announced that more than 1.6 million network addresses are currently an NFT.

DApps Continue Leading Despite Deposits Drop

Data from DappRadar confirmed that the number of SOL network addresses interacting with decentralized applications increased by 11% on April 8. Orca, a user-friendly decentralized exchange (DEX), was leading, gaining over 153,290 users.

Although the total values locked on SOL are slightly lower than similar smart contracts platforms, there is strong network use on DeFi and NFT marketplaces. According to Magic Eden, Solana had roughly 212,230 active addresses in the last 30 days.

The comprehensive data above confirms that the recent price correction could soon shift uptrend, as Solana network growth depends on the delivery of significant projects on Ethereum compatibility and new NFT market integrations. As long as everything happens in that manner, the possibility for further price appreciation appears likely.