Solana NFT marketplace integration and DApp metrics shine even after SOL’s 20% drop
Solana (SOL) price reached $143.50 on April 2 after an incredible 82% rally over a 20 day period. This positive performance can be attributed to recent NFT markets-related news and a marketwide bounce, but the current 22.7% decline could have investors confused.
The rally started after Coinbase Wallet added support for SOL and other Solana-based blockchain tokens on March 18. The crypto exchange also outlined plans to "further integrate" with Solana by connecting the Coinbase Wallet with the decentralized applications (DApps) and nonfungible tokens (NFTs) hosted on the network.
The expectation of OpenSea's integration of the Solana network also excited investors. This means Solana will join Ethereum, Polygon and Klaytn as the payment options visible in the drop-down "all chains" tab on OpenSea's "rankings" page.
Solana's strategy to focus on NFT markets seems to have paid off because the layer-1 blockchain network has risen to third place all-time in total NFT sales on April 6. Moreover, the latest 30-day accumulated data shows Solana amassing $216 million worth of NFT sales.
Solana's primary decentralized application (DApp) metric started to display weakness in late March after the network's total value locked (TVL) dropped below SOL 50 million.
The chart above shows how Solana's DApp deposits saw a 30% decrease in three weeks as the indicator reached its lowest level since Sept. 20, 2021. As a comparison, Terra's TVL increased by 34% year-to-date, while Fantom network deposits grew by 30%.
On the bright side, on April 5, Neon released an alpha version for the first Solana Ethereum Virtual Machine (EVM) cross-compatibility and scaling solution and on April 7, Solana announced that over 1.6 million network addresses currently
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