solana It continues to come to the fore with new developments and price discoveries lately. While SOL has managed to become a popular asset of recent times, many investors and traders are rushing not to miss the opportunity. The leading analysis company Messari also published its new report drawing attention to this trend.
Filled with promising new projects, Solana is crossing new thresholds by establishing market dominance in all relevant verticals. The ongoing expansion of the network invites diverse streams of users, which could eventually push its price to new highs.
According to Messari’s report, Solana has become a notable solution “for retail users and meme coin projects.”
“The network’s average daily spot DEX volume increased by 319% compared to the previous quarter, reaching $1.5 billion. “The network has become the primary home for retail users and meme coin traders.”
The network has seen a staggering increase in project development metrics. In the first quarter, projects built on Solana raised approximately $89.2 million. Additionally, the network’s TVL increased by 232% compared to the previous quarter, helping the network outperform its competitors in this space.
“Solana DeFi TVL increased by 232% from the previous quarter to $4.9 billion, ranking fourth among networks. Lending and yield protocol Kamino has jumped from the network’s fourth-largest DeFi protocol to the top DeFi protocol, according to TVL. The lending protocol finished the quarter with approximately $1.3 billion in TVL, an increase of 811% over the previous quarter.”
However, the report also acknowledged Solana’s network issues, and according to the network, it is currently being worked on to help deliver a smooth network experience.
“Increased network activity has led to congestion issues and these issues are being addressed in upcoming network, scheduler and rate market upgrades. “Although unrelated to high activity, the Solana network experienced its first outage in almost a year.”
As we reported as Koinfinans.com, all these developments are expected to be reflected in the altcoin price. Expectations are that the price may even increase by up to 200% by May. Messari based his prediction in his report with the following words:
“According to our current Solana price prediction, Solana price is predicted to increase by 227.34% and reach $579.19 by May 8, 2024. According to our technical indicators, current sentiment is neutral, while the Fear & Greed Index shows extreme greed at 76. Solana recorded 18/30 (60%) green days with 8.66% price volatility in the last 30 days.”
