- Solana is experiencing a wave of new contracts, indicating increasing adoption and use of the network.
- NFT trading volume is declining, but stakers are showing continued interest as Solana’s price recovers.
Despite multiple network outages and witnessing prominent NFTs bridging to other networks, Solana has shown remarkable resilience and managed to attract a significant number of users to its platform.
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Solana continues to grow
According to the latest data from Artemis, new contracts rolled out to Solana have reached an all-time high since the beginning of the year.
This represents substantial growth and increased activity within the Solana ecosystem, demonstrating the increased adoption and use of the Solana blockchain for various decentralized applications (dApps) and smart contract development. Such a trend suggests a vibrant community of developers and a growing interest in building on the Solana network.
Source: Artemis
While the number of contracts being wagered on Solana is increasing, the DeFi sector has not experienced comparable growth. Artemis’ data points to a noticeable drop in Solana’s Total Value Locked (TVL) in recent days.
In addition, volumes of decentralized exchanges (DEXs) on Solana have also experienced a significant decline, indicating declining interest in Solana’s DEXs.
Source: Artemis
In the NFT sector, the traded volume of Solana NFTs has dropped drastically. Despite this decline, the total bottom value of Solana NFTs has remained relatively stable, without significant write-offs.
Source: Solana Floor
Court and public opinion
The decrease in NFT trading volume can be attributed to the prevailing negative sentiment around Solana within the crypto community. Santiment’s data shows a significant drop in weighted sentiment, suggesting that negative comments currently outweigh positive ones.
A possible contributing factor to the falling sentiment may be the SEC lawsuit against Binance. In addition, SOL’s recent delisting from the Bakkt exchange has added to negative sentiment, potentially leading to further price impact if more exchanges follow.
Source: Sentiment
Despite these challenges, strikers continued to show interest in SOL.
Realistic or not, here is the market cap of SOL in BTC terms
According to data from Staking Rewards, the number of users who cast SOL has increased by 2.84% in the past month. Nevertheless, Solana’s price showed signs of recovery.
Right now, SOL is trading at $15.89, which represents a 24-hour price increase of 7.89%, according to CoinMarketCap.
Source: Staking Rewards