- The Solana protocol witnessed improvements in terms of activity as interest in NFTs increased.
- The price of SOL went up, but volatility also increased.
Solana [SOL] has experienced a large number of network outages in the past. These outages led to a drop in sentiment towards the protocol and its token.
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Despite these factors, activity on the Solana network remained high. According to facts as of April 28, Solana managed to keep up with Polygon, the Ethereum mainnet, and Arbitrum in terms of daily activity.
Source: Artemis
The spike in activity can be attributed to the interest in the platform’s NFTs. Blue chip collections on the network such as y00ts, DeGods and Solana Monkey Business have greatly contributed to the success of NFT.
According to data from Solana Floor, the total volume of the blue-chip index on the Solana protocol has increased significantly over the past month.
Source: solana floor
Solana’s dApps also contributed to the growth of the protocol. According to Dapp Radar, popular dApps such as Rarible, MeanFi, and Saber saw a spike in the number of unique active wallets on the protocol.
Sabre, a marketplace on the network, also saw a volume increase of 3.33%. Subsequently, the number of transactions on the network also grew.
Source: Dapp Radar
In terms of stocking activity, there was great interest in Solana. Staking Rewards data showed that the number of strikers on the network has increased by 3.81% over the past 30 days. At the time of writing, the number of strikers was 603,790.
More stakers participating in the network can lead to higher transaction throughput as more resources are available to validate and process transactions. In general, a high number of strikers is a positive sign for the health and growth of the network.
Source: Staking Rewards
Read price forecast for Solana [SOL] 2023-24
Should holders get optimistic?
At the time of writing, SOL was trading at $22.67, and the price was up 4.35% in the last 24 hours, according to CoinMarketCap. The volume has also increased along with the price in recent days.
However, the volatility of the SOL token also increased, which could cause risk averse investors to lose interest in the token.
Source: Sentiment
