Solana’s metrics rise – here’s how NFTs helped

• Solana saw a daily transaction volume of over 24 million.
• NFT trade volume saw an over 50% increase as the network recorded 90-day stability.

In a remarkable turn of events, the Solana [SOL] network has soared above its peers in transaction volume. This achievement holds significant significance for Solana, considering its previous struggles with downtime and the recent classification of SOL as security.

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Solana leads with daily transactions

An 18 June report by Artemis unveiled the rankings of various blockchain networks based on their daily transaction numbers. Surprisingly, Solana recorded an impressive $24.7 million in daily transactions, surpassing TronDao and Ethereum [ETH], which only managed to reach half of Solana’s numbers. 

This achievement brought positivity to the Solana network, especially considering its recent encounters. Notably, the US Securities and Exchange Commission (SEC) recently classified SOL as a security.

Solana NFTs make significant contributions

A fascinating exploration of the Solana Floor revealed a remarkable surge in NFT activity within the network. There was an impressive 24-hour volume of over 30,000 SOL traded during the period, equivalent to over $470,000.

This represented a remarkable increase of over 50% compared to the previous 24 hours. Additionally, the platform witnessed a decent number of NFT listings, with over 25,000 listings in the past 24 hours and nearly 8,000 NFT sales completed 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, the total NFT trade volume amounted to approximately $1.1 million. Also, as of this writing, the volume had reached around $242,000.

Source: Santiment

Network maintains 100% uptime in the past 90 days

The Solana network has been criticized due to frequent outages, which 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 greater trust among users and facilitate increased interactions within the network. Furthermore, the native SOL token could experience heightened utility.

Despite the regulatory challenges faced in the United States, there remains a possibility for the SOL token to garner interactions in regions with more favorable digital asset policies. 

SOL price struggles

On 18 June, Solana experienced a slight decline of over 1% in value, as indicated by its daily timeframe chart. At the time of writing, the token was trading at approximately $15.4, showing a marginal gain of less than 1%.

Realistic or not, here’s SOL’s market cap in BTC’s terms

However, the Moving Average Convergence Divergence (MACD) indicator suggested that SOL was still entrenched in a strong bearish trend. As of this writing, the MACD remained below the zero line, signaling a strong downward trend.

Source: TradingView

Despite witnessing an upswing in daily transactions on the platform, the increased activity was insufficient to generate a significant upward movement in price.