Solana's Price Surges 3.64% as DEX Activity Outpaces Ethereum by 50%

Solana's latest price was $131.48, up 3.636% in the last 24 hours. The network has seen a notable increase in deposits, with a 30% rise on Sanctum, a liquid staking application, and a 20% growth on Jito and Jupiter. This surge in deposits indicates a growing interest and engagement from users, which could potentially drive further development and adoption of the Solana network.

One of the key strengths of Solana is its decentralized exchange (DEX) activity. In the seven days ending April 16, trading activity on Solana DApps totaled $15.8 billion, surpassing the combined volume of Ethereum scaling solutions by more than 50%. This highlights Solana's ability to attract trading activity and its potential to compete with established players in the DeFi space. The rise in DEX volumes is supported by vigorous engagement on platforms like Pump-fun, which recorded a 44% increase, and Raydium, which saw a remarkable 28% jump. In contrast, Ethereum’s top DEXs reported a decline, marking a significant shift in trading behavior.

Solana's dominance in DEX activity is not limited to trading volumes. The network has also seen growth in other DApps, such as Ondo Finance, which tokenized a total of $250 million worth of assets on the Solana network. Exponent, a yield farm protocol, doubled its TVL over the past 30 days, and the yield aggregator platform Synatra experienced a 43% jump in TVL during the past week. These developments indicate that Solana's ecosystem is not only attracting trading activity but also fostering innovation and growth in various DeFi applications.

As the Solana network continues to grow, there is increasing speculation about the potential approval of a Solana spot exchange-traded fund (ETF) in the United States. While analysts are confident that such an ETF could be approved in 2025, expectations for significant inflows are limited due to a general lack of interest from institutional investors and the recent poor performance of similar Ethereum ETF instruments. However, if the spot ETF is approved, it could strengthen Solana’s presence, especially if the US government’s Digital Asset Stockpile plans come to fruition.

Investors are also eagerly awaiting the full audit of US federal agencies’ crypto holdings, which was initially expected by April 7. However, after missing this deadline, some journalists suggest that the executive order signed on March 7 did not require the findings to be made public. Regardless of whether SOL appears on that list, there are currently no plans from the government to acquire cryptocurrencies other than Bitcoin (BTC).

Despite the positive developments, there are challenges ahead for Solana. The network's growth and adoption will depend on continued innovation and user engagement. Without significant new investment influx, Solana needs to maintain its momentum and attract more users to achieve its prior price levels. The expectation is that the network will continue to evolve and adapt to the changing landscape of the cryptocurrency ecosystem, positioning itself as a leading player in the DeFi space.