Solana: Reasons why SOL holders can celebrate over the weekend

Solana has managed to show positive gains even during the crypto crisis in the second quarter of 2022. While the broader market drawdown has been prevalent across the entire market, Solana has retained users and activity from the previous quarter.

The SOL token, however, has fallen well over 64% from its all-time high (ATH) of $258.93.

Here we go

The latest data from Solscan has thrown light on these updates of the Solana network. The daily active addresses on Solana have shown a surprising increment since the ATH in November 2021.

Furthermore, unique addresses on Solana peaked at 697.8k during the November rally. These numbers increased over time and surpassed the 850k mark on 14 July. Not only has Solana retained old users, but it has also been attracting new users from the industry.

Source: Solscan

User transactions on Solana have seen a dip of over eight million transactions. In comparison to other Layer-1 chains, Solana has fared well in retaining users. This is in part to Solana’s developing ecosystem which has improved radically in recent months.

Source: CoinMarketCap

Not stopping here

Solana users have more reasons to be joyous during this relief period. The network is set to launch the Tomorrowland NFT collection. If you don’t know it yet, Tomorrowland is one of the world’s biggest music festivals.

1/ One of the world’s biggest music festivals dropped an NFT on Friday, why’s that important?@tomorrowlandnft ‘s venture into Solana NFTs is the catalyst we all need to onboard more people into Web3 and here’s why ? pic.twitter.com/vQgBfi9xyo

— Magic Eden ? (@MagicEden) July 17, 2022

Tomorrowland’s “The Reflection of Love” collection aims to bridge the gap between Web2 and Web3. As per the release tweet,

“It (the collection) empowers holders to exchange their NFTs into an in-real-life utility with inherent financial and social value.”

Buying one NFT from each of Tomorrowland’s collections allows a user to create a medallion. The medallion then allows the user to be in an “exclusive” member list for all upcoming ticket drops for life.

Checking the Solana NFT world

The Solana NFT market continues to fall behind the might of Ethereum’s grip at the helm of NFT blockchains. However, Solana has received a reasonable 6.28% upturn in fortunes over the past week. Much of this is attributed to the overall recovery of the NFT markets.

However, on the other hand, Ethereum continues to dominate NFT markets with its raft of major collections including BAYC, CryptoPunks, and Otherdeed.

Well, Solana had just four participants in the top 50 NFTs by sales volume in the past week. It will be interesting to see how Solana fares after its latest launch.