Bitrabo Editorial
Solana has cemented its position as the fourth largest blockchain platform, with SOL, its native token, witnessing significant growth over the past year. Despite a cooling off in the crypto market, Solana continues to gain momentum, outpacing even Bitcoin’s performance.
With experts keeping a close eye on various factors, there is optimism surrounding Solana’s potential as the next wave in the crypto market takes shape.
Solana Leads in NFT Usage Surpassing Ethereum and Polygon
Recent data reveals that Solana has emerged as the dominant force in the world of NFTs, boasting a 35% market share in minted items, surpassing Ethereum’s 16%. The platform attracted 8,400 users in the past day, outperforming competitors like Polygon.
Activity on Solana has seen approximately 40,000 active users in the past week, totaling over 1.5 million year-to-date, showcasing its increasing popularity among crypto enthusiasts.
Ethereum Leads in Trading Volume, But Solana Gains Traction with Low Fees
While Ethereum continues to lead in trading volume, Solana is gaining traction due to its low transaction fees and scalability. Ethereum generated nearly $4.7 million in trading volume in the last day, outpacing Solana’s $2.1 million. However, Solana’s appeal lies in its lower fees and scalability.
Efforts by Ethereum developers to enhance user experience, such as reducing gas fees with upgrades like Dencun, have contributed to maintaining its user base. This has led to increased user count on platforms like Base, an Ethereum layer-2 protocol.
As Solana’s network activity intensifies, traders are keeping a close watch on whether the price will surpass $190. A break above this level could potentially propel SOL to reach new highs of $210 in 2024.