- Solana saw a daily transaction volume of more than 24 million.
- NFT trading volume increased by more than 50% as the network was stable for 90 days.
In a remarkable turn of events, the Solana [SOL] network has risen above its peers in transaction volume. This achievement is of great significance to Solana given its past downtime issues and SOL’s recent classification as a security.
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Solana leads with daily trades
A June 18 report Artemis revealed the rankings of various blockchain networks based on their daily transaction numbers. Surprising, Solana recorded an impressive $24.7 million in daily trades, surpassing TronDao and Ethereum [ETH]who only managed to reach half Solana’s number.
This achievement brought positivity to the Solana network, especially given the recent encounters. In particular, the US Securities and Exchange Commission (SEC) recently classified SOL as a security.
Solana NFTs make an important contribution
A fascinating exploration of the Solana floor revealed a notable increase in NFT activity within the network. An impressive 24-hour volume of over 30,000 SOL was traded during the period, equating to over $470,000.
This represented a remarkable increase of more than 50% compared to the previous 24 hours. In addition, the platform witnessed quite a number of NFT listings, with over 25,000 listings in the last 24 hours and nearly 8,000 NFT sales during this period.
A closer examination of the Solana NFT volume metric on Santiment provided insight into the cumulative value of NFT transactions. As of June 18, total NFT trading volume was approximately $1.1 million. Also, the volume had reached about $242,000 at the time of writing.
Source: Sentiment
Network maintains 100% uptime in the past 90 days
The Solana network has been criticized for frequent outages, which have significantly eroded trust and raised concerns about its stability. However, examining the network’s uptime status through its status scanner revealed a positive stability trend over the past 90 days.
This newfound stability has the potential to instill more trust in users and enable more interactions within the network. In addition, the native SOL token could experience increased utility.
Despite regulatory challenges in the United States, there remains an opportunity for the SOL token to garner interactions in regions with more favorable digital asset policies.
SOL price battle
On June 18, Solana experienced a slight fall in value of more than 1%, as shown by the daily time chart. At the time of writing, the token was trading at around USD 15.4, yielding marginal gains of less than 1%.
Realistic or not, here is the market cap of SOL in terms of BTC
However, the Moving Average Convergence Divergence (MACD) indicator suggested that SOL was still anchored in a strong bearish trend. At the time of writing, the MACD remained below the zero line, indicating a strong downtrend.
Source: TradingView
Despite an increase in daily trades on the platform, the increased activity was not enough to generate a significant upward movement in the price.