With another week drawing to a close, it’s time to look beyond the one-day spikes to identify the project that saw a sustained, high-profile rally over the past seven days. Reply? Of the top 20 cryptocurrencies, Solana was . the best achiever [SOL]the sixth largest coin by market capitalization.
The Exciting Thirties
At press time, SOL . was change owner at $136.85 after a 1.57% increase in 24 hours and a 34.50% increase in seven days. This even put it in front of Terra [LUNA]with the latter up 28.07% in the past week.
Solana (SOL) performed best in the top 10 assets by market capitalization this week, posting a 21.3% gain. Avalanche (AVAX) was the next best performer with a return of 11.4%. Terra (LUNA), who currently sits in ATH territory, followed closely. pic.twitter.com/y1ebGZ81A5
— Guillermo Aviles (@guille_aviles) Apr 1, 2022
However, if we look at the top 100 cryptosWaves [WAVES] recorded a weekly rally of 59.60%. Meanwhile, Zilliqa [ZIL] registered a peak of 86.93% and STEPN [GMT] rose by an astronomical 224.30%.
But, coming back to the big leagues, what could be behind SOL’s rally? One possible cause could be OpenSea’s announcement that it would begin offering Solana-based NFTs starting this month. That said, we have to ask: has SOL’s victory rally translated into greater network adoption?
Boiled, poached, scrambled or DEV-iled?
Solana’s co-founders have made it clear that they have high ambitions for the network’s developer community. However, a quick look at the statistics confirmed that Solana’s development activity is still in a long-term downward trend.
Despite a strong upward price increase, developer development is still a long way from the December 2021 highs.
In terms of volume, we can see that despite the currency’s rally since mid-March, trading volumes have not yet shown significant changes or spikes.
Since April 1, trading volumes have actually started to fall. Investors should see if the weekend leads to more energetic trading activity. And of course the $150 and $200 psychological price levels are definitely levels to watch.
Maybe things are different in the DeFi scene? One would certainly hope so, but data from DeFi Llama shows that Solana’s TVL has fallen by 1.55% in the past 24 hours.
In general, Solana’s TVL seems to move sideways for the most part. Again, this doesn’t match SOL’s rally.
On the other hand, how does Solana fare against Terra [LUNA], the seventh largest crypto by market cap? LUNA was trade at $116.27 and up 8% in the last 24 hours. With approximately $30.76 billion in total value lockedTerra’s TVL is up 5.84% in the past 24 hours.
It is clear that Terra is a powerful player. Therefore, many investors are likely to look forward to a LUNA/SOL flipping in the near future.