Source: Cointelegraph Original: "{title}"

Solana's native token SOL failed to maintain its bullish momentum after reaching $134 on April 14, but a series of data suggests that the rebound for this altcoin is not over. Currently, the price of SOL is down 57% from its all-time high, partly due to a sharp decline in DApp activity, but some analysts point out that the growth in deposits on the Solana network could be a catalyst for sustained price increases in the short term.

Solana has become the second-largest blockchain by total value locked (TVL), with a total locked value of $6.9 billion. In the seven days ending April 16, Solana rose 12%, outpacing competitors like Tron, Base, and Berachain. Positive signals include a 30% increase in deposits on Sanctum (a liquid staking application), while deposits on Jito and Jupiter grew by 20%.

Solana's DEX trading volume surpasses Ethereum L2

One might think that Solana's TVL is roughly equivalent to the deposits in the Ethereum Layer-2 ecosystem. However, this comparison overlooks Solana's strong position in decentralized exchange (DEX) trading volume. For example, in the seven days ending April 16, the total trading activity of Solana DApps reached $15.8 billion, exceeding the total trading volume of Ethereum's scaling solutions by more than 50% during the same period.

Solana has regained its lead in decentralized exchange (DEX) activity, surpassing Ethereum with a 16% increase over the week. This growth was supported by a 44% increase in Pump-fun trading volume and a 28% increase in Raydium trading volume. In contrast, the trading volumes of Ethereum's top three DApps—Uniswap, Fluid, and Curve Finance—have declined. A similar trend has been observed on the BNB chain, where the trading volumes of PancakeSwap, Four-Meme, and DODO have decreased compared to the previous week.

Measuring Solana's growth solely through DEX performance is unfair, as the trading volumes of other DApps are much smaller. For instance, Ondo Finance has tokenized assets worth $250 million on the Solana network. Meanwhile, the yield farming protocol Exponent has doubled its TVL in the past 30 days. Similarly, the yield aggregation platform Synatra has seen a 43% increase in its TVL over the past week.

Analysts are confident that Solana's spot exchange-traded fund (ETF) will receive approval in the U.S. by 2025. However, due to a general lack of interest from institutional investors and the recent poor performance of similar Ethereum ETF products, a significant influx of funds is not expected. If the spot ETF is approved, it could enhance Solana's market presence—especially if the U.S. government's digital asset inventory plan is realized.

Investors are eagerly awaiting a comprehensive audit report from U.S. federal agencies regarding cryptocurrency holdings, initially expected to be released on April 7. However, after missing this deadline, some reporters indicated that the executive order signed on March 7 did not require the investigation results to be made public. Regardless of whether SOL appears on this list, the government currently has no plans to acquire cryptocurrencies other than Bitcoin (BTC).

At present, there is a lack of sufficient catalysts to support Solana's price rising to $180, which would be the highest level since March 2, 45 days ago. Unless external factors lead to a significant influx of new participants into the crypto ecosystem, it is unlikely that Solana's price will exceed the broader market's performance based solely on TVL growth and increased DEX market share.

Related: Centralized data infrastructure violates the core principles of Web3 decentralization

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