At the time of going to press, Solana [SOL] changed hands for $88.99, after a drop of 2.44% in the past 24 hours. However, in the past seven days, it rose 1.44%. While the crypto market and the top 20 cryptocurrencies are switching between red and green fast enough to give investors whiplash, it’s time to slow down and take a closer look at Solana.
Art for the SOL
With a market cap of just under $1 billion, Solana’s NFT market scene has captured attention across the board. In the OurNetwork newsletter, Craig Burel noted:
“The number of NFT launches on Solana has soared, with a total of more than 8 million NFTs minted with Metaplex. Since September, there has been a significant increase in the number of wallets with more than one NFT, recently surpassing 500k.”
How do these numbers compare to incumbent giant OpenSea? In February 2022, data from Dune Analytics showed 2,033,077 NFTs were sold on OpenSea [Ethereum]while 1,764,674 NFTs were sold on OpenSea [Polygon]† However, the Solana-based Magic Eden NFT marketplace has landed more trades than OpenSea.
Source: OurNetwork Newsletter
Do you feel what I say?
NFTs may be having a good season, but with the war between Russia and Ukraine dominating the headlines, investor sentiment is on the move. Santiment data shows that weighted sentiment has been largely negative since the start of the year. However, since the start of the war, sentiment has plunged below -1, with only a brief rise above zero, before falling back to -1.202.
Source: Sanbase
Meanwhile, looking at development activities can provide more insight into the state of the Solana network. While activity last peaked in late December, it has nearly halved since then. Well, this can be attributed to the ongoing war. A decline in development activity is generally not a positive sign of network growth.
Source: Sanbase
When the OurNetwork newsletter was adopted, it was noted that the number of unique daily active signers had increased by approximately 300% since September 2021. However, the crashes of the Solana networks were a concern. The newsletter stated,
“Unique signers peaked at 299k at the end of January, but declined slightly to 232k after the network’s most recent attack of degraded performance.”
Time for an APP grade
It’s interesting to note that Solana’s network adoption is generally on the rise. In this context, the OurNetwork newsletter also highlighted the importance of two Solana wallets – Solflare and Phantom – rolling out their own iOS apps.
While not strictly crypto-based updates, this shows how accessibility beyond the blockchain can also help boost a network’s popularity.
This post Will NFTs Help SOL Surpass Its Performance to Reach $140?
was published first on https://ambcrypto.com/will-sol-outpace-its-performance-to-reach-140-nft-market-scene-can-help/
