Nfts
Solana NFT User Adoption Surpasses Bitcoin and Ethereum
- Solana is growing in key areas, including its digital collectibles unit, surpassing the BTC and ETH duo in terms of user adoption.
- Solana’s price momentum has recently received a boost with further growth imminent.
The Solana (SOL) ecosystem has seen increased adoption of daily non-fungible tokens (NFTs), surpassing major players Bitcoin (BTC) and Ethereum (ETH). The achievement comes amid increased activity and price action on Solana.
Solana’s impressive NFT exhibition
SolanaFloor, a news source associated with the blockchain ecosystem, shared Solana’s impressive NFT performance in a social media post X. According to the details, Solana has surpassed top blockchains like Bitcoin and Ethereum when it comes to daily NFT user adoption.
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🚨REPORT:@solana surpasses all other chains, including Bitcoin and Ethereum, in terms of daily NFT blockchain user adoption. pic.twitter.com/YcbBltQgpa
— SolanaFloor (@SolanaFloor) July 12, 2024
Over the past 24 hours, the number of Solana NFT users has surged 34% to 9,300. Polygon (MATIC) and Ethereum were among the top three with increases of 30% and 13%, respectively. A closer look at the exceptional performance revealed by DappRadar shows that Frogana, Mad Lads, and Retardio Cousins were the top three NFT collections on Solana in the last 24 hours. The NFT trading volume for Frogana is $487,400, Mad Labs is $443,330, and Retardio Cousins is $204,000.
Data from Santiment revealed an increase in the number of Solana NFT trades last week, coinciding with an increase in the price of SOL. At the same time, Solana NFT volume increased by about 8%. Despite outperforming Bitcoin and Ethereum, the number of buyers and sellers of Solana NFTs dropped last week.
Specifically, the number of SOL NFT sellers dropped by 59% and the number of buyers dropped by over 66%.
A growing ecosystem in Solana
As experts have established, Solana is a top cryptocurrency with high utility and a thriving ecosystem, including popular memecoins like Bonk (BONK) and dogwifhat (WIF). The past month has been quite favorable for the broader Solana ecosystem, fueled by strategic partnerships and innovations
Like before mentioned In our report, Solana achieved 1,504 TPS, improving transaction speed. As a result, Solana’s TPS is now 46 times faster than Ethereum, highlighting its superior blockchain platform.
Additionally, popular stablecoin issuer Circle announced a strategic partnership with Solana to integrate its Cross-Chain Transfer Protocol (CCTP) into the blockchain. discussed Previously, $250 million worth of USDC was issued on the blockchain and analysts believe this could propel SOL to $900 by the end of this cycle.
As of now, SOL has seen a 3.8% increase in the last 24 hours with a price set at $152.25. The trading volume has also increased by 13% to $2 billion, while the market cap is set at $70.6 billion.
According to technical analysis, the convergence-divergence of the moving average indicates an uptrend.
The MACD indicator for SOL has shown a bullish edge over the market. The Relative Strength Index (RSI), another key indicator, has shown a rise and has moved further upwards from the neutral mark, indicating a prospect of continued price upside.
With these metrics showing some positivity, crypto analysts are betting big on Solana and some have predicted a 5x to 20x gain for the token as note in our previous article.
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