The market experienced a significant drop yesterday evening, causing widespread concern. Despite ongoing network congestion and significant transaction delays, Solana (SOL) has gained considerable popularity over the last few days. During this period, despite a price drop, Solana’s market value still lags far behind Bitcoin (BTC) and Ethereum‘s (ETH) market value.
Rise of Solana NFTs
Despite these challenges, Solana appears to outperform the two leading crypto networks when it comes to NFTs. Recent data reveals that Solana has a relatively high NFT trade count of 488,000. During the same period, the total number of NFT transactions on the Solana network reached an impressive 6.2 million.
Surprisingly, there was a decline in the Solana NFT index, revealing that the popular blue chip Solana NFTs were not the projects driving network activity. Popular NFT projects like Mad Lads and Solana Monkey Business saw a decrease in their base prices last week. It remains uncertain whether there will be a rise in NFT collections in the coming days or if new collections will dethrone the current leaders.
Current State of Solana
Even though Solana’s blue chip projects have faced challenges, the overall network appears to be in good condition. Analysis of data provided by Token Terminal shows a significant increase in Solana’s active user base, with a 27.9% rise over the last month.
Moreover, revenue generated on the Solana network also saw a remarkable increase of 391% during the same period. This positive performance in the Solana protocol seems to coincide with a favorable price movement for SOL.
Last month, SOL experienced a notable increase of 12.16%. However, after this price surge, SOL entered a sideways movement from March 15, with prices finding buyers between $210 and $161. Following yesterday’s price drop, SOL faced another sharp pullback, falling to the $150 level in the last 24 hours.
During this period, the 24-hour trading volume increased by 145%, reaching $5.7 billion, making it the 6th most traded cryptocurrency in the market in the last 24 hours. In terms of market capitalization, it holds the 5th position with a value of $67 billion, closely following BNB.
