Solana Price Prepares For A Bullish Comeback
In a recent interview, ARK Invest CEO Cathie Wood highlighted her views on why Solana is becoming the center of stage for a major crypto innovation. She said, reduced costs, higher developer interest, and advancing adoption are what Solana is checking in all the required metrics.
Also, the recent Q1 report by Messari Average Daily DEX volume grew by 40.8% QoQ to $4.6 billion. This was fueled by renewed memecoin speculation, and also after the TRUMP token launch.
The increasing optimism for crypto is boosting investors' sentiment, and it appears that the SOL price could be on its way to a magnificent rise ahead
Onchain Data Support's Bullish View on Solana Price
As per defillama charts, Solana TVL almost reached $12 billion USD in January, but due to geopolitical conditions affecting most altcoins, even SOlana TVL dropped to $6.6 billion in Q1.
However, in Q2 with rising sentiment and prices, its TVL started rising, and in May it recovered to $9.314 billion. Even the platform saw its user addresses returning, which in Q2 reached 5.82 million.
However, the stablecoin market cap continued to rise, despite the shakeups, and in May it stands at $11.518 billion.
The increasing social dominance may also have a positive impact on the Solana price as the increasing participation of users may create more demand and assist the price to advance higher.
