CryptocurrencyNFTPrice AnalysisSolana (SOL)

Solana (SOL): Why Holders Have Reasons to Celebrate

Solana managed to print some gains despite the second quarter 2022 crypto crisis. While the overall market suffered from broad-based drawdowns, Solana has kept activity and users from the past quarter. Nevertheless, SOL has plunged by more than 64% since its $258.93 all-time high.

At It!

The recent Solscan data has highlighted the Solana ecosystem updates. Solana’s daily active addresses presented an interesting increase since the November 2021 ATH. Moreover, SOL’s unique addresses peaked near 697.8K in November rallies.

The figures surged with time and crossed 850K on July 14. Besides retaining old users, Solana has been drawing new individuals.

Solana user transactions have declined by more than eight million transactions. Meanwhile, Solana performed well in keeping users than other L1 chains. That came after Solana’s dedication to developing its platform, which has seen radical improvements in recent months.

Still Some More

Solana enthusiasts have more motives to cheer during the ongoing relief phase. For instance, the platform awaits the Tomorrowland NFT launch. Keep in mind that Tomorrowland is among the leading music festivals globally.

The Reflection of Love collection by Tomorrowland will bridge web2 and web3. The tweet stated it (the NFT collection) empowers users to exchange non-fungible tokens for real-world utilities with inherent social and financial value.

Purchasing an NFT from every collection by Tomorrowland allows individuals to form a medallion. Meanwhile, users with the ‘medallion’ join the exclusive list for upcoming ticket drops (for life).

Solana’s NFT World

Solana’s NFT space remained behind the dominant Ethereum blockchain. Nevertheless, Solana saw an attractive 6.28% value upturn within the previous week. Analysts attribute that to the recoveries within the NFT spectrum.

Nevertheless, Ethereum still dominates the non-fungible token world, with leading collections including Otherdeed, CryptoPunks, and Bored Ape Yacht.

Solana has four participants only in top-50 NFTs (by sales volume) in the previous week. It remains interesting to witness Solana’s performance following the recent launch.

Also, the latest price movements within the crypto space enhanced investor optimism. Improved sentiment propelled the global crypto market capitalization past the sought-after $1T, changing hands at around $1.03 trillion at this publication.

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