- Solana is dominating the NFT sector, outpacing Bitcoin and Ethereum.
- SOL’s price fell on the back of the wider market correction
Solana [SOL] has been gaining massive popularity over the last few days. Despite recording a surge in price over this period though, it remains far behind Bitcoin [BTC] and Ethereum [ETH] in terms of market cap.
Solana NFT sector booms
And yet, Solana outperformed both these networks in the NFT sector. In fact, recent data indicated that Solana had the highest number of NFT traders, amounting to 488,000. Moreover, the number of total NFT transactions occurring on the Solana network was also extremely high and added up to 6.2 million.
Source: X
Surprisingly, the Solana NFT Index fell, indicating that popular blue-chip Solana NFTs were not the ones driving traction on the network.
Source: Solana Floor
Popular NFT projects such as Mad Lads and Solana Monkey Business all noted a decline in floor prices over the past week. It remains to be seen whether interest in these NFT collections will rise again or will other newer collections dethrone the pre-existing leaders.
Source: Solana Floor
How is SOL doing?
Now, even though blue chip collections on the Solana network have been facing challenges, the overall network is doing well. AMBCrypto’s analysis of Token Terminal’s data revealed that the number of active users on Solana has grown by 27.9% over the past month.
Moreover, the revenue generated by Solana has also appreciated by a massive 391% during this period.
Source: Token Terminal
Solana protocol’s positive performance coincided with the positive price movement of SOL too. Over the past month, the price of SOL grew by 12.16%. However, following a major surge in price, SOL started moving sideways after 15 March. It traded between $210 and $161 during this period.
Realistic or not, here’s SOL’s market cap in BTC’s terms
At the time of writing, however, SOL had fallen to $154 on the price charts. Not owing to any project-specific updates or anything, but because Bitcoin crashed by 5%, taking the rest of the market with it. In fact, thanks to the market-wide correction, SOL lost over 10% of its value. Indicators like the Chaikin Money Flow highlighted the incoming bearishness too.
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