The month of February, despite being highly volatile, turned out not to be so damaging in Solana’s case. Total gains and losses closed off on February 28 after the 20% rally, with total changes for the month coming in at 0.13%.
But when it comes to investor performance, Solana outperformed virtually every major altcoin.
Solana on Ethereum
Data from CoinShares indicated that, except for Bitcoin, no other cryptocurrency was able to register an inflow of more than $10 million. Many could not even register any influx at all. Binance, Polkadot and Tron recorded monthly outflows of $20 million, $1 million and $4 million, respectively.
However, the altcoin king Ethereum led this pack with an outflow of $109 million. In fact, Ethereum’s outflow was higher than Bitcoin’s inflow.
Solana leads both monthly inflow and weekly outflow | Source: CoinShares
On the other hand, Solana brought in about $9 million by the end of the month. This is despite the altcoin leading the February outflow at $2.6 million last week. But February wasn’t quite great for Solana. Aside from market volatility, Solana’s NFT front also witnessed significant damage.
While NFT transactions got off to a strong start at the beginning of the month, in mid-February, the numbers plummeted.
MagicEden, the leading Solana NFT marketplace, saw an 81% decline in NFT transactions while other markets kept up their pace.
Solana NFT transactions this month | Source: Dune – AMBCrypto
By the end of February, trades fell to just 19k NFTs per day from a monthly high of 312k.
Still, there’s some chance Solana investors will enjoy a good March, given Gemini’s recent social boost. Gemini, one of the top 10 crypto exchanges in the world, announced yesterday that the exchange had added support for Solana against all major fiat pairs.
1/2 Incoming: @solana $SOL is now supported for deposits and can be kept in a Gemini exchange wallet. Welcome #SOL!🚀 https://t.co/s4QcYuFtSu
— Gemini (@Gemini) February 28, 2022
Solana is already the eighth largest cryptocurrency and the sixth largest DeFi chain. And with coin trading around $104.66 at the time of writing, up 16% from yesterday, it could continue its rapid pace of growth.
Solana price promotion | Source: TradingView – AMBCrypto
This post Any caveats to Solana’s recent positive price action
was published first on https://ambcrypto.com/all-the-caveats-to-solanas-recently-positive-price-action/
