According to DefiLlama, the value of decentralized applications fell by $10 billion in April. In addition, the total value locked (TVL) of the Solana blockchain has fallen from a March peak of $4.64 billion to $3.8 billion at the time of writing.
The decline in Solana’s performance occurred against the backdrop of a decline in the excitement around meme coins in this blockchain, and the fall of Bitcoin (BTC) after its rapid growth in March.
However, Tristan Frizza, founder of decentralized exchange Zeta Markets, believes that Solana is on track to reach and potentially surpass its all-time high, despite the recent decline in activity.