Solana NFTs Beat Ethereum and Polygon: What’s Happening?

  • Solana surpassed Polygon and Ethereum in terms of NFT transactions.
  • TVL declined as sentiment around the token fell.

solarium [SOL] is experiencing its most impressive performance since the beginning of this year, fueled by a surge in popularity.

NFT volumes are increasing

Solana dominated the NFT landscape, with over 1.2 million transactions recorded in the last seven days, surpassing Ethereum [ETH] and Polygon [MATIC] in transaction volume.

This major achievement proved that Solana’s growing popularity was not only caused by meme coins on the network, but that NFTs also had a big role to play.

Solana’s performance not only solidifies its position as a formidable competitor but also reinforces investor confidence in its long-term potential.

If it continues to outperform giants like Ethereum, it could soon start to see an increase in market capitalization and could surpass companies like Ethereum. binance [BNB] network in the future.

looking at the net

Looking at the overall status of the Solana network, it was seen that Solana’s revenue had increased by 33.33% in the last month.

However, there was a slight decrease in active users on the network, indicating potential user retention challenges for the Solana network.

Along with broader market trends, decentralized exchange (DEX) volumes and total value locked (TVL) on Solana have seen a slight decline.

This temporary setback can be attributed to the Solana memecoin frenzy slowly fading away.

A closer look at Solana’s GitHub repository revealed a 35% decrease in code commits, indicating a possible slowdown in development activity.

Additionally, the total number of core developers on the network has also decreased, raising questions about the platform’s ability to maintain its long-term momentum.

Source: Token Terminal

Decreased feeling

Despite its impressive performance, Solana price saw a significant drop of 13.61% over the past month.

But SOL remained resilient, trading at $153.27 at the time of writing, with a 2.12% increase in trading volume seen in the last 24 hours.

Read Solana [SOL] Price prediction 2024-25

The social volume surrounding Solana experienced a decrease, on the contrary, accompanied by a decrease in weighted sentiment.

This change in sentiment may reflect changing perceptions among investors and could hurt SOL’s ability to reach new highs in the future.

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This is an automatic translation of our English version.

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