Solana’s native token SOL (SOL) dropped by 9% between March 28 and April 4, but several key metrics grew during the same period. Despite SOL’s price downturn, the Solana network continues to outpace competitors, maintaining its second-place position in deposits and trading volume. Traders now wonder how long it will take for SOL’s price to reflect this onchain strength.

Solana outperforms rivals in TVL deposits and DEX volumes

Investor’s declining interest in SOL could be linked to the April 4 staking unlock of 1.79 million SOL, worth over $200 million. The selling pressure is clear, as these tokens were staked in April 2021, when SOL traded near $23. Another factor is the decline in interest for memecoins, which had been a major driver of new user adoption on Solana. With fewer speculative inflows, growth in activity may not translate to immediate price gains.

Several meme-themed cryptocurrencies, including WIF, PENGU, POPCAT, AI16Z, BOME, and ACT, saw declines of 20% or more over the past seven days. Yet, despite worsening market conditions, the Solana network outperformed some competitors. Its Total Value Locked (TVL) rose to the highest level since June 2022, while decentralized exchange (DEX) volumes showed notable resilience.

Solana Total Vale Locked (TVL), SOL. Source: DefiLlama

Deposits in Solana network’s DApps rose to 53.8 million SOL on April 2, marking a 14% increase from the previous month. In US dollar terms, the $6.5 billion total stands $780 million ahead of its closest competitor, BNB Chain. Solana’s top DApps by TVL include Jito (liquid staking), Jupiter (leading DEX), and Kamino (lending and liquidity platform).

Solana gains support for scalability, and Web3 focus despite MEV concerns

While not yet a direct threat to Ethereum’s $50 billion TVL, Solana’s onchain data shows greater resilience compared to BNB Chain, Tron, and Ethereum layer-2 networks like Base and Arbitrum. In decentralized exchange (DEX) volumes, Solana holds a 24% market share, while BNB Chain accounts for 12% and Base captures 10%, according to data from DefiLlama.

DEX volumes monthly market share. Source: DefiLlama

While Ethereum has regained the lead in DEX volumes, Solana has shown strong resilience following the memecoin bubble burst. For context, Raydium’s weekly volumes dropped 95% from the $42.9 billion all-time high reached in mid-January. Still, Solana has demonstrated that traders appreciate its focus on base layer scalability and integrated Web3 user experience despite ongoing criticism related to maximum extractable value (MEV).

Source: X/Cbb0fe

In short, MEV occurs when validators reorder transactions for profit. This practice is not unique to Solana, but some market participants—such as user Cbb0fe, a self-proclaimed decentralized finance (DeFi) liquidity provider—have raised concerns about insider gatekeeping. While not stated directly, the criticism likely refers to incentives provided by Solana Labs to offset the high investment and maintenance costs required by certain validators.

Supporters of changing Solana’s token emissions argue that rewards earned through MEV already provide sufficient incentives for validators to secure the network, eliminating the need for further inflationary pressure on SOL. Meanwhile, Loring Harkness, a core contributor to Shutter Network, advocates for encrypting transactions before they enter the mempool as a way to prevent validators from manipulating their order.

Solana’s growth in TVL and resilience in DEX market share may not be enough for SOL to retest the $200 level seen in mid-February. However, it has firmly secured its second-place position behind Ethereum as a leading platform for decentralized applications, supported by consistent activity, infrastructure development, and growing interest from both developers and users.

This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Mixed-martial arts (MMA) champion Conor McGregor launched a memecoin called “REAL” on April 5, which will reportedly feature staking rewards and voting rights for token holders.

Spokespeople for the project told Cointelegraph that the token was launched through a sealed-bid auction to eliminate snipers and bots hijacking the token launch. The project was developed in a collaboration with the Real World Gaming decentralized autonomous organization (DAO).

REAL token initial allocation breakdown. Source: Real World Gaming DAO

The auction will take place from April 5-6. In a statement shared with Cointelegraph, McGregor touted the launch as a fair memecoin offering:

“This is not some celebrity-endorsed bullshit token, it is a REAL game changer that will change the crypto ecosystem as well as make REAL change in the world. The sealed-bid auction is the new way of launching a token to prevent rug pulls and snipers.

“This is about transparency — we are showing the world how it is done with integrity,” McGregor continued.

Source: Conor McGregor

The memecoin narrative peaked following the launch of the TRUMP memecoin by US President Donald Trump. However, savvy traders continue hunting memecoins, keeping the market alive.

Related: Ghibli memecoins surge as internet flooded with Studio Ghibli-style AI images

Meme “supercycle” dead but savvy traders still in the game

Nansen research analyst Nicolai Sondergaard recently told Cointelegraph’s Chainreaction that “smart money” traders are still scouring for memecoin trades but are just as likely to rapidly exit those positions for quick gains.

Sondergaard attributed the recent activity in the memecoin market to savvy traders making a “fun play” while waiting for the macroeconomic outlook to settle and for markets to shake out.

US President Donald Trump’s trade tariffs and the counter-tariff responses from trading partners create a difficult environment for risk-on assets, as investors flee riskier asset classes for safe havens.

Following the sweeping tariff order, US stocks shed $5 trillion in value. The catastrophic stock market loss within a single day totaled more than the total market capitalization of crypto.

The price of Bitcoin remains firm and rangebound compared to the total crypto market cap shown in blue. Source: TradingView

As fears of a prolonged global trade war spread and market analysts warn of a potential recession, the price of Bitcoin continues to remain anchored above the $80,000 level.

Bitcoin’s resilience during the current market downturn suggests that more investors are beginning to see the digital asset as a store of value as opposed to a risk-on asset.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Magazine: Memecoins: Betrayal of crypto’s ideals… or its true purpose?

XRP (XRP) price has plunged more than 35% since reaching a multi-year high of $3.40 in January — and the downtrend may deepen in April as new bearish signals emerge.

Let’s examine these catalysts in detail.

XRP nears a classic technical breakdown

XRP’s recent price action is flashing a classic bearish reversal signal dubbed “inverse cup and handle formation.”

The inverse cup and handle is a bearish chart pattern that signals fading buyer momentum after an uptrend. It resembles an upside-down teacup, with the “cup” marking a rounded decline and the “handle” forming after a brief consolidation.

Inverse cup-and-handle pattern illustrated. Source: 5Paisa

A break below the handle’s support typically confirms the pattern, often leading to a drop equal to the cup’s height.

In XRP’s case, the rounded “cup” topped around March 19 and completed its curved decline by the end of the month. The ongoing sideways price movement between $2.05 and $2.20 forms the “handle.”

XRP/USD four-hour price chart. Source: TradingView

A breakdown below this horizontal consolidation range could validate the bearish structure, opening the door for a potential move toward the $1.58 support area — as suggested by the measured move projection shown on the chart above.

In other words, XRP can decline by over 25% in April if the inverse cup and handle setup plays out as intended.

Source: Peter Brandt

Adding to the sell-off risk is data from the volume profile visible range (VPVR) indicator, which shows the point of control (POC) around $2.10–$2.20 — a key support zone. A breakdown below this high-volume area could trigger a sharper drop, as lower volume levels below have offered little historical support in recent history.

XRP/USD four-hour price chart. Source: TradingView

Conversely, a strong close above the 50-period 4-hour EMA (red line) near $2.14 could invalidate the inverse cup-and-handle pattern. Such a breakout may shift momentum in favor of the bulls, potentially paving the way for a rally toward the 200-period 4-hour EMA (blue line) around $2.28.

Related: Investor demand for XRP falls as the bull market stalls — Will traders defend the $2 support?

XRP whale flow point to more sell pressure

As of April 5, CryptoQuant’s 90-day moving average whale flow chart was showing sustained net outflows from XRP’s largest holders since late 2024.

XRP whale flow 90-day moving average. Source: CryptoQuant

During XRP’s sharp price boom in Q4 2024, whale activity flipped deeply negative, indicating large entities were distributing into strength and selling the local tops. The trend has continued into 2025, with the total whale flow remaining firmly below zero.

This divergence between rising prices and declining whale support suggests weakening institutional conviction and raises concerns over XRP’s near-term price stability unless accumulation resumes.

US President Donald Trump’s global tariffs and the Federal Reserve’s slightly hawkish response to them have furthered dampened risk sentiment, which may weigh XRP and the broader crypto market down in the coming quarters.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.