Solana DApp volumes shed 10%, but a rally to $230 is still possible
Solana's native token SOL experienced a 22.5% decline from January 6 to January 13, testing the $169 level, followed by a 15% recovery that failed to surpass $200. DApp activity on the Solana network fell by 10.3%, with notable declines in Raydium and Orca, while Lifinity and stabble saw increases. In contrast, Ethereum's on-chain volumes rose by 9%, driven by Curve Finance and Pendle. Solana's total value locked (TVL) decreased by 5.9%, reflecting broader market challenges, with Jito and Marinade contributing to the decline. Despite this, Solana remains second in TVL behind Ethereum. Investors are optimistic about potential spot ETF approval in the U.S., particularly with anticipated political changes. Solana's network has minted $1.5 billion in USDC in 15 days, indicating strong user attraction due to low fees. As long as Solana outperforms competitors like BNB Chain and Tron, there is potential for SOL to exceed $230.
