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The SOL goes on – All the reasons behind Solana’s latest uptick

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SOL has been progressing well on the charts over the last few days. In fact, Solana’s governance token has hiked by 9.40% in the past 24 hours, according to CoinMarketCap. A lot of individual appreciation, in tandem with the general recovery of crypto-assets since mid-July, has contributed to the same. However, another reason behind the same is the expansive growth of the Solana ecosystem in recent days.

The SOL goes on

Ecosystem growth has been an important aspect of Solana’s rapid development in the recent past. According to Solana News, several tokens have expanded in activity of late. Stepn’s GMT token has topped the chart for the most traded token on Solana at $248.04 million. Ranking behind Stepn is the SRM token, with over $102.99 million traded during this period.

The ecosystem recently also updated the community about the growing active addresses on Solana’s dApps. Gaming platform Gameta went on to top these charts with over 50.11k users. It was followed by the NFT marketplace, Magic Eden, with over 30.22K users on the day.

Solana also shared a tweet about the most traded NFT collections over the last 24 hours. Genesis Genopets Habitats recorded the highest sales volume since yesterday with figures of over $183,539. It was followed by Okay Bears with a sales volume of $142,964 during the day. These collections are being followed by the Mischievous Maxi, Dust Mines and Infected Mob collections.

Worth pointing out, however, that while these collections surged in volume, Solana’s NFT sales dropped by 25% over the past week.

Source: Solana News

Furthermore, Solana’s Nakamoto Coefficient recently hit 31. This number has grown steadily since the chain’s launch in March 2020 and continues to rise.

This indicator helps one in analysing the health of an ecosystem and Solana is showing all the signs for it. In fact, this was part of the datat released by the Solana Foundation to the community recently.

Source: Solana Foundation

With the crypto-market now recovering steadily, Solana may be primed to further expand its utility across the board. As expected, SOL too is responding well to the ecosystem’s growth, with the altcoin trading at $47.07 at press time.


Kanav is a journalist at AMBCrypto. He has a Masters in Media and International Conflict and is interested in areas of digital society, crypto developments in the political sphere and the socio-cultural impact of a crypto-society.
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