Solana slides 17% to $108, TVL slightly drops to $6.3 billion.
TL;DR
- Solana slides 17% to $108, TVL slightly drops to $6.3 billion.
- Grayscale files paperwork to list Solana ETF on NYSE.
- SOL comes to Paypal and Venmo.
- Fidelity’s Solana ETF application is one step closer to gaining SEC approval.
- Solana's TVL reaches a new high in SOL terms.
Introduction
Panic! In one of its bleakest days since the FTX collapse, Solana couldn’t escape what has been dubbed “Black Monday,” the Trump Tariff-induced sell-off on April 7 that caused $1.67B in cascading liquidations. $SOL shockingly sank below the $100 mark for the first time in over a year, and while it has bounced back to $108, it still clocked a 17% crash for the week (April 1-8). Many Solana bulls believed that we would never see a two-digit $SOL again. As with everything in crypto, never say never!
Markets are currently at the mercy of the U.S. president's actions, and there’s just not much else to do but zoom out and try to find the positives. Luckily, there’s plenty to go around.
So here’s some of that hopium positive news you need to keep HODLing your bags:
- U.S. users can now buy, sell, or hold Solana on PayPal, with Venmo also jumping on board to support SOL transactions. And there is more exciting news…
- The SEC has acknowledged Fidelity's Solana ETF approval, marking an important step toward its potential approval.
- Grayscale has registered with the SEC to list its Solana ETF on the NYSE.
The Solana brain trust has a firm vision and roadmap in place, and it’s well worth 40 minutes of your time to watch this recent Lightspeed talk with co-founder Anatoly Yakovenko and Kyle Samani, who I interviewed at last year’s Breakpoint in Singapore.
Why not touch grass and connect with the vibrant Solana community in person? There are a slew of massive IRL events incoming, most notably:
1. Solana Crossroads in Istanbul on April 25-26
2. Solana Accelerate in NYC on May 19-23
3. Solana Breakout (Online Hackathon)
Here’s a recap of Solana's developments and its growing ecosystem over the last seven days.
Top 5 Solana News Stories
Grayscale Files To List Solana ETF on NYSE
Grayscale has submitted an S-1 filing with the SEC to list its Solana ETF, “GSOL,” on the NYSE.
PayPal and Venmo Add Solana to Offerings
PayPal and Venmo users can now buy, hold, sell, and transfer Solana directly in their accounts.
Solana Whales Offload $50 Million in SOL After Staking Unlock
Solana whales have sold nearly $50 million worth of SOL following the April 4 unlock of 1.79 million staked tokens, which had appreciated 446% since being staked in April 2021. This represents the largest single-day unlock of staked SOL, with no similar unlock expected until 2028. Is the worst behind us?
Pump.fun Launches PumpFi To Finance Meme Coins and NFTs
Pump.fun has launched PumpFi, an on-chain lending platform that allows users to finance meme coins and NFTs with a flexible payment plan.
Matcha Expands to Solana With Cross-Chain Support
0x's DEX aggregator, Matcha, has expanded to Solana, allowing users to trade seamlessly across both Solana and EVM-compatible blockchains. The platform aims to offer enhanced liquidity and protect traders from meme coin rug pulls.
Solana Numbers the Last 7 Days
Source: CoinMarketCap
- Price: $108, down 17%
- Market cap: $55.6 billion
- DeFi TVL: $6.287 billion
- Daily active addresses: >5.3 million
- 24H trading volume: $7.1 billion
Solana’s key metrics showed contrasting trends this week. While its total value locked (TVL) experienced a slight decline, the number of active wallet addresses rose by 55%, reaching 5.3 million.
Source: Artemis
Solana's decentralized exchange (DEX) volume continued its upward trajectory, building on last week's momentum with a 29% increase, bringing the total to $13.3 billion. This growth signals a strong and sustained interest in Solana’s DEX market.
Source: DeFiLlama
Source: DeFiLlama
How Did Solana Stack Up Against Its Competitors?
It comes as no surprise that CMC's Greed and Fear Index has dropped to 19, from 24 a week ago, highlighting extreme fear in the market.
Source: CoinMarketCap
This week saw over $1 billion in long positions liquidated across the board. Bitcoin dipped below $76K before recovering to $79K, fueled in part by media outlets circulating a false story about a tariff pause.
Ethereum and XRP were also hit hard, plunging nearly 17% and 15%. These sharp declines underscore the volatility sweeping through the market, as traders went into full panic mode.
Source: CoinMarketCap
Source: DeFiLlama
Solana Ecosystem the Last Week
The market cap of Solana’s ecosystem decreased by 15% while its trading volume rose by 71.44%.
Source: CoinMarketCap
- This week, short sellers emerged as the winners. Will the bulls rise up and take charge next week?
Source: CoinMarketCap
Top Gainers:
Top Losers:
- Jito (JTO): -29.4%
- Lido DAO (LDO): -25.97%
- Compound (COMP): -25.42%
- Jupiter (JUP) -22.12%
- The Graph (GRT): -20.11%
Solana DeFi
- BNB Chain added 2% to its TVL while Solana had a 4.29% dip.
Source: DeFiLlama
- Ethereum’s TVL dropped below $50 billion but still accounts for more than half of the DeFi pie.
- Solana saw a more optimistic trend, reaching a new peak in TVL when measured in SOL terms.
Source: DeFiLlama
Solana Meme Coins
- It was one-way traffic as Solana's meme coins tumbled, with only a few going against the grain and recording gains.
- Pump.fun, Solana's meme coin launch pad, is bringing back its livestream feature to some users.
Source: CoinMarketCap
Top Gainers:
Top Losers:
- Popcat (POPCAT): -31.89%
- Moo Deng (MOODENG): -31.66%
- Fwog (FWOG): -31.19%
- Peanut the Squirrel (PNUT): - 29.90%
- Gigachad (GIGA): -28.73%
Solana DePIN
Source: DePIN Scan
- Solana's DePIN ecosystem had yet another tough week, with most projects in the red.
- Grass (GRASS) defied odds to close the week in the green.
NFTs
- Solana continues to hold a narrow lead over Ethereum, maintaining its dominance in the NFT space.
- Base has seen a decline, losing ground as competition intensifies.
Source: NFT Pulse
What You Can Do Now
Red days (weeks, months even) are terrible for your morale, but represent opportunities to take stock of why you are in crypto. Are you here as a tourist for quick gains or do you believe in what it represents and aim to achieve?
Crypto is so much more than just numbers and candles. Take the time to up your game, learn more about new sectors like DePIN and DeSci, and how Solana is building out the new frontiers of these sectors.
Also:
- Try out Matcha, the new DEX on Solana.
- Grayscale files to list Solana ETF—stay tuned.
- Trade Solana directly on PayPal and Venmo.
- Try to attend a live Solana conference this summer.
- Check out Pump.fun's new platform for meme coin and NFT financing.
Till next week!
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