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Solana Sees Notable Non-Price-Related Gains as Price Crawls

Solana Sees Notable Non-Price-Related Gains as Price Crawls

Despite the persisting price inertia, Solana (SOL) continues to record notable non-price-related growth. Recent data from NFT data aggregator Cryptoslam revealed that NFT sales volume in the Solana blockchain had surged by roughly 25% over the past 24 hours.

Solana has recorded significant growth in the NFT space, despite being relatively new to the scene. The network tapped a record high of 300,000 NFT mints on September 7, a jaw-dropping 669% surge from 39,000 on September 4.

Apart from that, the network also saw a significant rise in NFT transactions, with reports showing it hit an all-time high of 1 million transactions within the same period. Meanwhile, sales volume on NFT marketplaces, including OpenSea, Metaplex, and Magic Eden, exceeded 1.2 million SOL ($40 million using current exchange rates).

Solana Sees Notable Non-Price-Related Gains as Price Crawls
Source: DappRadar

Furthermore, on-chain information provider CryptoCompare released a report showing notable development activity on the Solana network this year. The report noted, “overall number of GitHub contributors growing by 40.9%, while total contributions increased by 14.8%.”

In other news, reports show that institutional investors increased their bets on Solana-related products, despite notable cutbacks on investment products on heavyweights, such as Bitcoin and Ethereum. Weekly SOL-related inflows came in at $500,000.

Meanwhile, key developers on the crypto mining platform Helium Network recently published a governance proposal to migrate operations from its original blockchain to the Solana blockchain.

Anatoly Yakovenko Brags About Solana
Source: Twitter

Crypto commentators have called this a “big deal,” as it could order more institutional attention to Solana, further increasing its institutional investor base.

Anatoly Yakovenko Brags About Solana

Speaking to popular YouTuber Scott Melker on his “wolf of all streets” podcast, Solana co-founder Anatoly Yakovenko narrated that he aims at making the network the go-to system for global finance. Yakovenko explained that the operating speeds of his network could eliminate the inefficiencies and unnecessary arbitrage from financial markets, such as stock exchanges.

The Solana boss added that the blockchain only needed to become a mainstream network, which would come in the form of hosting a “big app” that had 100 million users.

However, Solana has come under criticism for its recurring network outages. In 2022 alone, the network suffered five outages, which Yakovenko blamed on the network’s ultra-low transaction fees. The SOL co-founder narrated:

“That’s been, I guess, our curse, but it’s because the network is so cheap and fast that there are enough users and applications that are driving that.”

Solana Price Action Post-Ethereum Merge Upgrade

SOL has seen better days with its current price action. Twelve hours after the highly-anticipated Ethereum Merge upgrade and the price maintains a crawling pace.

SOL/USD 4-Hour Chart on TradingView
SOL/USD 4-Hour Chart on TradingView

With the event yet to have any effect on the broader crypto market, some analysts see SOL dropping to the $30.50 support base in the coming days. This range base could act as a ramp, sending the cryptocurrency on a bullish rally near $40.00.

SOL Statistics Data

SOL Current Price: $33.40

SOL Market Cap: $11.81B

SOL Circulating Supply: 353.9M

SOL Total Supply: 511.6M

SOL Market Ranking: #9

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This article should not be taken as a piece of financial advice. It is essential to conduct your research before making investment decisions.

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