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Solana (SOL) Network On Hyperdrive As TVL And NFT Trade Volume Soars

Solana (SOL) is on hyperdrive as the network quickly gains momentum in terms of liquidity which are seen at more than 300% as of press time. Following a sweeping price decline, Solana has turned the tide with metrics with flying colors.

Here’s a quick glance at SOL performance of late:

  • SOL metrics and trustworthiness score looking positive
  • Solana’s TVL seen to jump higher
  • Solana rolls out Saga Pass Cards

There is sizeable growth seen both in terms of NFT with the rollout of the Saga Pass Cards and market cap.

Solana was seen to nosedive the past couple of weeks, but it’s now back on the top 10 cryptocurrencies list that is stacked at the green lane.

SOL Price Gaining Traction

According to price monitoring by Coingecko, SOL price is currently trading at $24.28, up 3.0% in the last seven days.

Evidently, following the FTX crash, short-term traders and the bulls were fixated on SOL which unlocked roughly 100 million coins from different contacts which could have punched a hole in the market, driving the price of SOL to null or $0.

But, that didn’t happen as SOL holders chose to hold out their coins waiting for better days and not panic and sell their SOL holdings.

True enough, the market gained traction and recovered with most assets moving north, including SOL which made the investors extremely happy with the gains.

With this hypergrowth happening with Solana, the investors decided to accumulate longs which triggered SOL’s open interest to accelerate higher. As a matter of fact, around $460 million worth of orders is currently open at crypto derivative exchanges. Could this be bad news for SOL?

Now, the open interest really isn’t the culprit here as it can’t really pull SOL price down but it’s the increased number of longs that could trigger a squeeze brought about by SOL holders rapidly selling their holdings to counterpunch future risks.

On the brighter side, nothing is set in stone and SOL holders and investors need not panic right now as SOL has not gained much momentum yet to trigger millions in the liquidation of assets.

SOL Currently In No. 2 Spot On Top Chains List

SOL is performing so well that it managed to jump to the second spot on the top chains list in terms of NFT trade volume seen in the past month. SOL’s NFT trade volume is seen to spike and gain momentum in the past couple of weeks.

Solana Mobile has announced that they would be rolling out new cards on rotation. Basically, the first card is exclusive only to holders of the OG Saga Pass, and then a random card will be introduced every week.

Additionally, the Saga Pass Card Collection is set to be verified via MagicEden real soon.

Meanwhile, according to DeFiLlama’s numbers, the total value locked in the network has been on the rise since the start of the year, which is encouraging.

Featured image by Manula.com

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Solana Clears 100 Billion Transaction Count As NFTs Gain Prominence

The Solana network had been one of the winners of 2021 after gaining widespread popularity among crypto users. Its incredibly fast transaction times had been one of the pulls, as well as the ability for developers to create decentralized applications (DApps) on the network. Since the beginning of 2022, the network has been racing toward an important milestone, which it has now successfully broken through. 

Solana Surpasses 100 Billion Transactions

Solana’s transaction count had been ramping up over the last couple of months. In just 2 years, it has become one of the most used blockchains in the space. Solana had taken the decentralized finance (DeFi) and non-fungible tokens (NFTs) space by storm, now commanding the second-largest market share of the NFT space of any blockchain.

Last week, the network made it past the 100 billion transaction mark. Interestingly, the network is still in Beta testing, and it has grown so much. It had been able to grow above the delay transaction count of its largest competitor Ethereum after it clocked more than 40 million daily transactions. 

SOL price trending at $35 | Source: SOLUSD on TradingView.com

Solana continues to maintain its high transaction processing even with the massive growth it has experienced. At the time of this writing, the transactions per second (TPS) in the last 30 minutes were averaging around 3,000 TPS, according to data from Solana Explorer.

SOL NFTs Rival Ethereum

Ethereum NFTs had been the dominant tokens in the market and, understandably, remain so, even at this time. However, there have been numerous developments in the Solana NFT ecosystem that shows that the network is gearing up to rival Ethereum in this regard.

One of the most recent NFT launches on the Solana blockchain, the y00ts NFT collection, is now billed as the “most hyped” NFT launch in history. It came from a critically acclaimed team behind the Dead Gods NFT collection. It sparked renewed interest in SOL NFTs, which helped to push the floor price higher.

On Monday, Sentiment reported that SOL NFT sales had crossed 1.65 million. Solana NFT ecosystem Metaplex had also reported a significant uptick in the number of NFTs that are being minted on the platform over the month of September. 

However, it is hard to predict how long this growth trend will last, given that interest in the NFT space, in general, is down. The number of new addresses that are using NFTs since its peak in mid-September is down more than 60%, from 30k to 8k.

Featured image from The Market Periodical, charts from TradingView.com

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