Solana’s sales increased by 68.7% in the first quarter of 2023.
The NFT space continued to grow despite some migrations.

Messari recently posted his latest report with highlights from Solana [SOL] performance in the first quarter of the year. One of the most notable things was market cap growth, which grew by more than 100% quarter after quarter.

Realistic or not, here it is SOL’s market cap in BTC conditions

Decoding Solana’s Q1 performance

Solana’s daily unique fee payers and daily trades have gained momentum since the start of the last quarter, according to the report.

Thanks to these increases, Solana’s sales in SOL increased by 68.7%, which looked promising for the network.

Source: Messari

One of the prominent reasons for fee payer and transaction activity during Q1 was the BONK airdrop.

However, daily trades showed some volatility in February. This happened mainly thanks to Solana‘s network outage that occurred during the same period.

In addition, the network moved closer to a more decentralized state as the average number of validators increased by 18.9% quarter on quarter.

Solana and DeFi space

As with revenue, Solana’s DeFi space had also grown in the past quarter. This was evident as SOL’s TVL rose more than 23% over the past three months.

Interestingly, TVL expressed in SOL fell 40.7%, indicating that TVL was driven more by new capital inflows than increases in USD asset prices. In addition, the liquidity-intensive TVL recorded 100% quarter-on-quarter growth.

Source: Messari

NFT space grew despite some roadblocks

Messari’s report pointed out that the total number of daily new NFTs increased from 2.6 million to 2.9 million.

Sales of NFT expressed in SOL increased by 19.3%, reaching an all-time high. This growth was achieved despite some top NFT collections on Solana migrating to other blockchains such as Polygon [MATIC] And Ethereum [ETH].

Source: Messari

Solana in Q2 2023

The start of Q2 was not as good as Q1, something that shows quite clearly SOL‘s price action. The price of the token rose on April 10, but later plummeted.

According to CoinMarketCap, the price of SOL is down more than 15% in the past seven days. At the time of writing, it was trading at $21.23 with a market cap of over $9.3 billion.

On the other hand, SOL’s weighted sentiment metric has remained low over the past few weeks. So, suggests less confidence.

However, the network’s development activity was high, which in itself was a positive sign.

Further, SOLdemand in the derivatives market was stable, according to the Binance funding rate reading.

Source: Sentiment

Read from Solana [SOL] Price prediction 2023-24

Meanwhile, according to CRYPTOSLAM, Solana’s NFT sales volume increased more than 120% last week. Not only that, but SOL’s USD NFT trading volume also remained high. However, a decrease was noted in terms of the total number of NFT transactions.

Source: Sentiment

This post Assessment of the condition of Solana in the first quarter – What lies ahead for the next quarter

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