Can Solana regain its former glory after enduring a 48% year-to-date price drop? noshitcoins explains why gaming sector investments could be decisive for $SOL’s price recovery.
To confirm whether this drop in TVL should be concerning, one should analyze DApp usage metrics. Some DApps are not financially intensive, so the value deposited is irrelevant.As shown by DappRadar data, on Jan. 28 the number of Solana network addresses interacting with decentralized applications dropped by 18% on average. The only positive change was Solend, an algorithmic lending protocol.
The decreased interest in Solana DApps was also reflected in its futures open interest, which peaked at $2 billion on Nov. 6 and was recently hit with a steep correction.Even though Solana has been hit the hardest compared to similar smart contract platforms, there is solid network use on non-fungible tokens marketplaces, as measured by Magic Eden's 178,820 active addresses in the last 30 days.
Moreover, Solana Ventures' bet on the gaming sector could further showcase the network’s processing capacity. For instance, games represent half of the top 10 DApps across every blockchain covered by. That includes Splinterlands, which has 578,280 active addresses and Alien Worlds which has 544,900. The above data suggests that Solana is losing ground versus competing chains, but holders are not concerned because 74% of the coins are still locked in staking. As long as Solana Labs' partnerships and investments continue to show potential, there is little reason to be bearish on SOL.
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