Solana Q1 Review: Revenue Soars, Fees Drop—But DeFi TVL Takes a Hit

Solana’s Q1 performance shows a tale of two metrics: revenue skyrockets while network fees plummet. Yet DeFi’s total value locked (TVL) tells a different story—down but not out.

Revenue up, fees down? Check. DeFi bleeding value? Also check. Classic crypto growing pains—where one hand giveth, the other taketh away.

Potential for a 2020-like Rally in Ethereum

Inmortal recalled that five years ago, Ethereum$2,405 traded between $100 and $200 before plummeting to $86. This dip was the precursor to a rally that saw ethereum soar to its all-time high of $4,868. He suggested that the present market could witness a similar price movement, indicating a possible repetition of history.

Inmortal: “Sometimes history repeats itself.”

Analyzing the current market structure, Inmortal projected that Ethereum might trade sideways in the short term. He anticipated a potential rise to the $3,800 level next month. Ethereum is currently trading at approximately $2,479.

Solana Targeting Record Highs

In addition to Ethereum, Inmortal shared his insights on Solana$161 (SOL), another prominent cryptocurrency. He predicted that solana could experience a pause in the coming weeks. Despite this, he foresees a new uptrend that could push Solana to $320.

Inmortal: “The $180 level is significant, but surpassing it won’t take long. Then, $320.”

Currently, Solana is trading at $165. The analyst believes that surpassing the $180 mark could lead to new records.

High Levels Envisioned for Bitcoin

Inmortal also expressed long-term bullishness for Bitcoin (BTC)$102,659, anticipating new record prices between $102,000 and $120,000. At the time of the report, Bitcoin was trading at $103,244.

Inmortal: “From $102,000 to $96,000, and then $120,000.”

The analyst’s general outlook suggests the potential for positive trajectories in Ethereum, Solana, and bitcoin in the upcoming period.

These analyses may serve as guidance for participants and investors in the decentralized finance market. As these forecasts are yet to materialize, investors are advised to conduct their evaluations before taking positions. Inmortal relies on technical analysis and past price actions to highlight various price levels. Additionally, due to the inherently volatile nature of crypto markets, rapid price changes should be expected. Consulting a professional before investing is crucial.