- Solana has surpassed Polygon and Ethereum in terms of NFT transactions.
- TVL has declined as sentiment towards the token has declined.
Solana [SOL] Buoyed by its soaring popularity, it's been its most impressive performance since the beginning of the year.
NFT trading volume is increasing
Solana is dominating the NFT world, surpassing Ethereum with over 1.2 million transactions recorded in the past seven days. [ETH] and polygon [MATIC] In trading volume.
This important achievement showed that Solana's rise in popularity was not only driven by meme coins on the network, but that NFTs played a big role as well.
Source:X
Solana's performance not only solidifies its position as a strong competitor, but also strengthens investors' confidence in its long-term potential.
If it continues to compete with giants like Ethereum, its market cap could soon start to skyrocket and it could upset the likes of Binance. [BNB] Network of the future.
Looking at the network
Looking at the overall situation for Solana Network, we see that Solana's revenue surged 33.33% in the last month.
However, active users on the network have decreased slightly, indicating potential challenges to user retention on the Solana network.
In parallel with broader market trends, Solana's decentralized exchange (DEX) trading volume and total value locked (TVL) decreased slightly.
This temporary setback may be due to the memecoin craze in Solana gradually dying down.
Source: Artemis
A closer look at Solana's GitHub repository revealed a 35% decrease in code commits, potentially slowing down development activity.
Furthermore, the total number of core developers on the network is also decreasing, raising questions about the platform's ability to maintain its momentum in the long term.
Source: Token Terminal
decline in sentiment
Despite its stellar performance, Solana’s price experienced a significant drop of 13.61% over the past month.
However, SOL remains resilient, trading at $153.27 at the time of writing, with trading volume increasing by 2.12% over the past 24 hours.
read solana's book [SOL] Price prediction for 2024-2025
The social volume surrounding Solana has decreased, with a conversely weighted sentiment decrease.
This change in sentiment may reflect a change in investor perception and could negatively impact SOL's ability to achieve new highs in the future.
Source: Santiment
