Altcoin
Solana: These datasets could intrigue traders planning on ‘selling their SOL’
- Solana outperforms other cryptocurrencies in terms of the number of transactions
- Solana witnesses growth in its DeFi space, however, weighted sentiment declines
Solana [SOL] can be considered as one of the cryptocurrencies that was impacted the most during this bearish market. However, SOL holders could take a sigh of relief.
According to data provided by Delphi Digital, the number of transactions being made on the Solana network was more than any other blockchain.
Read Solana’s [SOL] Price Prediction 2023-2024
Still in the game
Considering its performance in 2022, the number of transactions being made on Solana did witness a decline. However, Solana still managed to outperform other cryptocurrencies by a considerable margin. These included Ethereum [ETH] and Cardano [ADA].
Solana witnessed a large number of transactions due to the increasing activity on Solana’s DeFi protocols. Furthermore, the number of daily active users (DAU) on Solana’s DeFi protocols witnessed a rise as per Dune Analytics.
Furthermore, there was a spike in the DAU observed despite the FUD surrounding Solana and its ecosystem. If the activity in Solana’s DeFi ecosystem continues to increase, it could play a key role in the recovery of Solana in the upcoming months.
Source: Dune Analytics
Along with a surge in activity in Solana’s DeFi space, the activity on Solana’s NFT marketplaces increased as well. Based on data gathered from Dune Analytics, the number of active users on the NFT marketplaces increased from 15,000 to 20,000.
However, the interest in Solana NFTs could soon come to an end as major NFT collections would be migrating to other blockchains in the coming months.
Despite Solana’s failure to retain the interest of major NFT collections on its network, it still managed to garner attention from the crypto community.
According to data provided by LunarCrush, the number of social engagements and mentions for Solana witnessed a huge spike over the last week.
A 37.48x hike on the cards if SOL hits ETH’s market cap?
The social angle
The number of social engagements for Solana went up by 114.8% in the last week. Coupled with that, the number of mentions for Solana grew by 8%.
Despite the growing activity of Solana on the social front, its weighted sentiment continued to decline. Based on data provided by Santiment, the weighted sentiment of Solana declined over the last few days.
This indicated that the crypto community had more negative than positive things to say about Solana.
Source: Santiment
Thus, it remains to be seen whether Solana can regain the favor of the crypto community.
At the time of writing, Solana was trading at $9.97 and its price increased by 2.01% in the last 24 hours.
