The 9th largest crypto by value, SOL, seems to have seen everything, from northbound moves to new ATHs to plummeting following network outages. Nevertheless, one facet of Solana’s dominance still sees bullish strides in different battlegrounds.
An Impressive Skyline
Most investors could have something to cheer amidst the overall crypto industry’s inconsistent tendencies. Remember, SOL’s Non-Fungible Token marketplace hit a substantial milestone. CryptoSlam’s data shows Solana blockchain exceeded $1B in total volume (for the first time) this month. While writing these lines, sales volume hovered at $1.2 billion.
CryptoSlam added that Solana is a leading player within a competitive marketplace. Furthermore, the latest blog by Messari highlighted a signal project that helped Solana’s surge to the mentioned milestone.
Launched last year, Metaplex became the primary network & permissionless infrastructure for non-fungible tokens on Solana. The Metaplex minting database has run more than 16M of 18M NFTs mined on Solana. Analysts attribute that to Candy Machine V1 and V2, launched in late August and December last year.
Other non-fungible token minting solutions like Magic Eden’s Launchpad and LaunchMyNFT played crucial roles. The NFTs minted count increased by 46% in 2022 Q2 (quarter over quarter). Furthermore, Metaplex saw daily averages of nearly 76,000 Metaplex-supported NFT owners who sold or purchased an NFT per day. That indicated a 21% surge from last quarter.
Meanwhile, the surge in NFT transactions and unique addresses on Solana reveals a healthy user activity for Metaplex (Messari noted). Such data shows an optimistic trajectory for SOL, especially considering its progress. For example, SOL’s leading weekly trade volume was $160.39 million in 2021. Undoubtedly, a minor percentage of today’s record. Also, the ecosystem updates users about the increasing active addresses on SOL’s dApps. Gaming site Gameta topped these charts with more than 50.11K users.
No Fading Signals?
Solana revealed a bullish case on the analyzed green NFT card. Nevertheless, uncertainty signals still prevail. Solana wallets have seen multiple pessimistic events lately, including centralization concerns, repeated outages, and widespread exploits.
These were massive setbacks for Solana investors. And they might explain why the altcoin’s price didn’t meet performance expectations. While writing these lines, SOL traded near $48 (Coinmarketcap data).