Crypto Assets market shows significant recovery, Solana ecosystem fully rebounding

This week, the Crypto Assets market has shown an upward trend, with the overall market and most altcoins experiencing gains. Market sentiment has significantly improved, with the sentiment index rising from 55% to 79%, entering bullish territory. The market capitalization of stablecoins continues to rise, with USDT reaching 145.7 billion and USDC reaching 61.9 billion, with increases of 0.62% and 2.32% respectively, indicating that institutional funds are increasing their entry, especially with heightened sentiment among American investors.

This week's increase was mainly influenced by the easing of the U.S. tariff policy towards China, the appointment of new SEC Chairman Paul Atkins, who is friendly towards the encryption industry, and other factors, leading to a significant market rebound. However, the risks of U.S. economic recession and uncertainty regarding tariff policies still exist, and this round of increase may only be a rebound from the previous excessive decline, and should not be viewed as a market reversal.

Bullish Underlying: SOL, SNX

SOL: The Solana ecosystem is fully recovering.

The trading volume of Meme tokens on the Solana chain has significantly increased, with PumpSwap's daily trading volume maintaining between $300 million and $480 million, accounting for 9% to 19% of the DEX trading volume on the Solana chain, indicating that the Meme market is recovering.

The supply of stablecoins on the Solana chain has exceeded 12.8 billion USD, setting a new historical high, reflecting investors' confidence in the ecosystem. The 24-hour trading volume on the on-chain DEX has surpassed 3.5 billion USD, indicating a recovery in activity.

The Solana Foundation has launched a new policy to strengthen decentralization and reduce dependence on the foundation's delegation.

Institutional companies are increasing their holdings. The Canadian listed company SOL Strategies has issued $500 million in convertible bonds to purchase and pledge Solana.

The new SEC Chairman Paul Atkins is friendly towards the Crypto Assets industry, and is expected to promote the approval of the SOL spot ETF.

SNX:Synthetix is taking multiple measures to rebuild market confidence.

The algorithmic stablecoin sUSD issued by Synthetix has recently experienced a severe depeg, dropping as low as $0.68. In response, Synthetix has implemented a series of corrective measures:

• Stake sUSD/sUSDe LP on Convex to increase the yield to 49.18%
• Incentivize users to deposit sUSD through the Infinex project
• Allow users to stake sUSD in the 420 pool to earn SNX rewards
• Implement SNX pool staking to expand sUSD supply

With the promotion of these measures, the price of sUSD has risen to $0.88, the price of SNX has increased to $0.74, and the Synthetix TVL has risen from $72.23 million to $89.25 million, an increase of 23.56%.

Bearish Targets: REZ, OMNI

REZ: Large unlocks under the low background of Restaking may trigger sell-offs.

Renzo is a re-staking protocol based on EigenLayer. Due to the recent underperformance of the Ethereum ecosystem, the Restaking sector has lost market attention. REZ will unlock 864 million tokens on April 30, accounting for 8.64% of the total locked amount. The current circulation rate is only 21%, and this unlocking mainly involves investment institutions and project teams, which may trigger significant selling pressure.

OMNI: Large amount unlocking is approaching, market sell-off risk intensifies

Omni is the interoperability layer of Ethereum. Recently, the Ethereum ecosystem has been sluggish, and Layer-2 projects have underperformed. Omni, as a connecting project, has lost value. OMNI will unlock 16.63 million tokens on May 2, accounting for 16.64% of the total locked amount, with an existing circulation rate of only 19%. This unlocking involves investment institutions and teams, which may trigger significant sell-offs.

MCP Becomes a New Hotspot in the AI Track

The Model Context Protocol ( MCP ) was launched by Anthropic in November 2024, aiming to address the issues of AI models interacting with external tools and data. MCP enhances efficiency through standardized processes, shifting AI from "understanding" to "doing".

MCP adopts the JSON-RPC 2.0 communication standard and operates through a client-server architecture. Its advantages include real-time access, security, low computational load, and flexibility.

Currently, the MCP ecosystem projects include Dark, SkyAI, Solix, HighKey, DeMCP, UnifAI, etc., most of which are in the early stages of development. In the future, MCP will continue to optimize the technical architecture, improve interoperability, and promote the popularization of decentralized applications.

Next Week's Crypto Major Events Preview

• April 30: U.S. Q1 real GDP annualized quarterly rate revision, March core PCE price index year-on-year, April ADP employment numbers
• May 1: US April ISM Manufacturing PMI
• May 2: U.S. April Non-Farm Payrolls, Unemployment Rate

Summary

This week, the crypto market has risen significantly, but caution is still required due to economic recession and policy uncertainty. Projects such as Solana and Synthetix show signs of recovery potential, while projects like Omni face unlocking pressures. With several macro data releases next week, investors are advised to maintain moderate positions, manage risks well, and wait for policy clarity.