- Solana experiences surge in new contracts, indicating growing adoption and utilization of the network.
- NFT trading volume decreases, but stakers show continued interest as Solana’s price sees recovery.
Despite facing multiple network outages and witnessing prominent NFTs bridging to other networks, Solana has demonstrated remarkable resilience and managed to attract a significant number of users to its platform.
Is your portfolio green? Check out the Solana Profit Calculator
Solana continues to show growth
According to the latest data from Artemis, new contracts deployed to Solana have reached a year-to-date high.
This signifies substantial growth and heightened activity within the Solana ecosystem, showcasing the increased adoption and utilization of the Solana blockchain for various decentralized applications (dApps) and smart contract development. Such a trend suggests a vibrant developer community and a growing interest in building on the Solana network.
Source: Artemis
However, while the number of contracts being deployed on Solana is on the rise, the DeFi sector has not witnessed equivalent growth. Artemis’ data highlights a noticeable decline in the Total Value Locked (TVL) of Solana over the past few days.
Additionally, the volumes of decentralized exchanges (DEXs) on Solana have also experienced a significant decrease, indicating a waning interest in Solana’s DEXs.
Source: Artemis
In the NFT sector, the volume of Solana NFTs being traded has seen a drastic fall. Despite this decline, the total floor value of Solana NFTs has remained relatively stable, with no substantial depreciation observed.
Source: Solana floor
Court of the law and public opinion
The reduction in NFT trading volume could be attributed to the prevailing negative sentiment surrounding Solana within the crypto community. Santiment’s data reveals a significant decrease in the weighted sentiment, suggesting that negative comments currently outweigh positive ones.
One potential factor contributing to the declining sentiment might be the SEC lawsuit against Binance. Furthermore, the recent delisting of SOL from the Bakkt exchange has added to the negative sentiment, potentially leading to further price impact if more exchanges follow suit.
Source: Santiment
Despite these challenges, stakers have continued to show interest in SOL.
Realistic or not, here’s SOL’s market cap in BTC terms
According to data provided by Staking Rewards, over the last month, the number of users staking SOL has increased by 2.84%. Nevertheless, Solana’s price showed signs of recovery.
At present, SOL is trading at $15.89, representing a 24-hour price appreciation of 7.89% according to CoinMarketCap.
Source: Staking Rewards
