Solana’s On-Chain Data Points Up Following Huge Early Win In Q2 2023
Solana Bulls (SOL) are excited after the release of the first Web3-powered smartphone, which allows users to easily acquire digital assets while minting non-fungible tokens (NFTs).
Following the launch of the Saga smartphone, the community celebrated the trading of Grayscale Solana Trust Shares, with prices responding positively. Saga, which is powered by the Solana blockchain, has received a lot of positive feedback in its first week on the market, despite some discussion about its $1,000 price tag.
SOL’s daily trading volume has exceeded $500 million, in addition to the recent Grayscale Trust, which has $2.9 million worth of digital assets under management (AUM). Prior to the price correction, SOL was up 29% to a monthly high of $26. This year, it has increased by 125%, erasing the sharp losses from last year caused by network outages.
As SOL grows alongside the market, its NFT volume continues to soar and is expected to soar even further following Helium’s recent migration to its network of 991,000 mint NFT.
On the other hand, some analysts warn that the bullish price outlook for SOL is not reflected in the derivatives market, which could lead to a further price correction in Q2 2023.
During last year’s upheaval, NFTs were the main driving force of SOL, with many describing it as “pushing DeFi on the network”. Solana’s daily NFT transactions have hit new highs this month, but other DeFi activities, such as lending, staking, and decentralized exchanges, remain challenging.
According to a Delphi Digital report, Solana’s NFT market share has increased to 14% from 6% last year, trailing only Ethereum. Its new NFT Compressor Technology, released this month, makes it easier and cheaper to create tokens, allowing more room for growth.
With the announcement of the Helium 991,000 NFT, this technology reduced the cost of printing one million NFTs to $110. As NFT activity on Solana continues to grow, it’s difficult to predict how it will affect other DeFi metrics when compared to similar networks.
