Solana to surpass all-time high despite activity decline, expert predicts
Release: 2024/05/03 23:14 Reading: 904
Solana's Potential Remains High Despite Recent Dip
Solana has experienced a 30% decline in its total value locked (TVL), but the blockchain remains poised for a resurgence.
According to DefiLlama, the value of decentralized applications on Solana has decreased by $10 billion since April. The TVL of the blockchain has also dropped from a March peak of $4.64 billion to $3.8 billion at the time of writing.
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Source: DefiLlama
The downturn in Solana's performance coincides with a decline in the popularity of meme coins on the blockchain and the recent dip in Bitcoin (BTC) after its rapid growth in March.
Despite these challenges, Tristan Frizza, founder of decentralized exchange Zeta Markets, believes Solana is on track to reach and potentially surpass its all-time high.
"Solana, as an ecosystem, is here to stay. It continues to lead in terms of active addresses, transactions, and volumes. The recent network congestion issues have catalyzed improvements in the network, user interface, and speed of decentralized applications," said Frizza.
Solana's recent developments, such as Stripe's announcement of crypto re-entry and the demonstration of payments using Solana, further validate the network's potential to attract retail users and generate sales at scale. As a result, Solana remains a strong contender for a top-three ranking in the current blockchain landscape.
"Solana's ascent to a top-three blockchain by market cap seems inevitable," added Frizza.
In April, Stripe announced its return to the crypto market by supporting crypto transfers for its customers. Stripe customers can now accept payments in USDC stablecoin on Solana, Ethereum, and Polygon blockchains. The company plans to expand its support to other digital assets and blockchains in the future.
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