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Solana [SOL] sustains high activity despite the outages in the past, what next

2min Read

Solana protocol activity surged over the last few months as interest in NFTs spiked, along with SOL prices.

Solana [SOL] sustains high activity despite the outages in the past, what next

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  • The Solana protocol witnessed improvements in terms of activity as interest in NFTs increased.
  • SOL’s price went up, but volatility surged as well.

 Solana [SOL] has experienced a large number of network downtimes in the past. These outages led to a decline in the sentiment towards the protocol and its token.

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Despite these factors, the activity on the Solana network stayed high. According to data from 28 April, Solana managed to keep up with Polygon, the Ethereum mainnet, and Arbitrum in terms of daily activity.

Source: Artemis

The spike in activity could be attributed to the interest in the platform’s NFTs.  Blue chip collections on the network, such as y00ts, DeGods, and Solana Monkey Business, contributed greatly to the NFT success.

According to solana floor’s data, the overall volume of the blue-chip index on the Solana protocol increased materially over the last month.

Source: solana floor

Solana’s dApps contributed to the growth of the protocol as well. According to Dapp Radar, popular dApps such as Rarible, MeanFi and Saber observed a spike in terms of unique active wallets on the protocol.

Saber, a marketplace on the network, also witnessed a surge of 3.33% in terms of volume. Subsequently, the number of transactions on the network also grew.

Source: Dapp Radar

In terms of staking activity, there was high interest shown in Solana. Staking Rewards’ data indicated that the number of stakers on the network increased by 3.81% over the last 30 days. At press time, the number of stakers was 603,790.

More stakers participating in the network can lead to higher transaction throughput, as there are more resources available to validate and process transactions. Overall, a high number of stakers is a positive sign for the network’s health and growth.

Source: Staking Rewards

Read Price Prediction for Solana [SOL] 2023-24

Should holders turn optimistic?

At press time, SOL was trading at $22.67, and its price increased by 4.35% in the last 24 hours, according to CoinMarketCap.  Its volume also surged along with its price over the last few days.

However, the volatility of the SOL token also increased, which could make risk averse investors lose interest in the token.

Source: Santiment


Himalay is a full-time journalist at AMBCrypto. A Computer Science graduate, Himalay writes about crypto with a special focus on the latest coin-based updates. He is a fan of gonzo journalism, transgressive fiction, heavy metal, and Manchester United.
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