Solana's NFT market has shown rapid growth, driving the number of DApps to grow by 87%, surpassing Ethereum in growth rate. Despite these impressive numbers, SOL is still struggling to gain significant momentum.
Solana has been one of the most popular tokens in recent history, with activity increasing significantly in recent days. The booming NFT market is a key reason for this growth. In the past few days, the number of DApps on Solana has surged by more than 87%, a large part of which can be attributed to the growing popularity of the Tensor NFT market.
This breakthrough makes Solana the blockchain with the most significant growth among the top five first-tier blockchains with the largest number of DApps.
Solana has seen a staggering $83 million in trading volume in the past 24 hours. The increase in trading volume puts the scalable network in the lead, surpassing many competitors, including Ethereum, which is worth mentioning as the blockchain with the most DApps. While Solana is cheering the surge in the number of DApps, the high-speed blockchain has not yet surpassed Ethereum, which has fallen 30% in the same period. However, Ethereum still holds the top spot with a staggering $4.56 billion in trading volume.
Solana sees a surge in active users
In addition, the growth in the number of Solana DApps coincides with a significant increase in the number of active users of the network. Specifically, the number of Solana's unique wallets increased by 111% to 2.49 million. Moreover, the number of transactions on the Solana blockchain also increased by 15% to more than 11 million.
Given Solana NFT’s impressive metrics, Magic Eden and Tensor have played a big role in this. Notably, activity on both NFT marketplaces dates back to 2023. Currently, Solana’s largest marketplace, Magic Eden, has seen a growth of over 600% in trading volume. Moreover, Tensor is not far behind. Launched in July 2022, this well-known marketplace reported a 95% surge in trading volume and a nearly 60% increase in the number of users.
Together, the two pushed Solana to become the second-ranked blockchain by NFT sales, with sales of $79 million in August.
It is worth noting that these impressive indicators were achieved in an extremely harsh regulatory environment. Recently, Open Sea received a Wells Notice from the U.S. Securities and Exchange Commission (SEC), threatening to sue the NFT market because the regulator believes that the NFTs on the platform are securities.
Ranked fifth by market cap, SOL is priced at $133.01 at the time of writing, having gained 1.76% over the past seven days.
Technical Analysis of Solana
Despite these impressive numbers, Solana’s native token has struggled to gain significant momentum. The Chaikin Money Flow (CMF) indicator, which measures buying and selling pressure, is currently showing negative values, indicating weak demand. There is a silver lining, however, as the CMF has made higher highs, meaning buyers are gradually returning to the market. To confirm an uptrend, the index needs to enter positive territory.
In addition, another key indicator, the moving average convergence divergence (MACD), also suggests a weakening uptrend. The MACD line remains below the signal line, and the red histogram further shows that bears are still in control.
The article “Solana’s NFT transaction volume surpasses Ethereum, SOL rises” first appeared on ETHNews!
