• Ethereum-killer Solana witnessed a massive spike in NFT transactions over the past week. 
  • Magic Eden, the NFT marketplace on Solana, contributed to the increased transaction volume on the altcoin’s network. 
  • Solana price broke into a rally, posting 10% gains overnight. 

In a monthly community update, developers at Solana revealed that investment focused DAO, Athens DAO, considers Solana ideal for governance and cheap transactions. Relative to Ethereum, transaction costs on Solana are low, and this has contributed to high NFT transactions on the altcoin’s network. 

Solana beats Ethereum in NFT transaction volume

Magic Eden, the latest NFT marketplace on Solana, is considered a competitor to peer-to-peer marketplace OpenSea.Magic Eden contributed to high transaction volume on the altcoin’s blockchain due to its fast-growing status. 

Over the past week, the transaction count on Magic Eden hit 360,734. Based on data from DappRadar, the total transaction volume on Magic Eden has surpassed $1.6 billion. Despite the recent drop in the trade volume of DeFi and NFTs, in response to the crypto bear market the total NFT transaction count on Solana beat Ethereum. Over the past seven days, total transactions on Ethereum came up to a little under 500,000, while Solana noted almost 630,000 transactions. The activity on the Solana network was 32.6% higher than Ethereum, though the total value locked on the altcoin remains much lower. 

There is a decline in NFT transactions on both the Ethereum and Solana networks compared to numbers observed in May 2022. However, the Ethereum-killer exceeded the transaction count of Ethereum since the launch of Magic Eden. 

Solana is ideal for DAOs?

At the Hacker House event organized by Grape, a decentralized social-networking protocol, developers noted that Solana is ideal for DAOs. Dean Pappas, a core contributor to Grape, said, “To experiment in governance and think about all these new ideas, these wacky things, you need very cheap transactions, they need to happen fast, and you need a very good user experience.”

Solana price explodes, posts double-digit gains overnight

Crypto analysts at More Crypto Online believe Solana price is primed for a rally. Once the Solana price crosses $42.80, it would target the $48.41 level. Analysts have predicted a massive breakout in Solana once the altcoin crosses the two bullish targets. 

SOL-USD price chart

SOL-USD price chart


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Arbitrum community opens vote for 200 million ARB Gaming Catalyst Plan proposal

Arbitrum community opens vote for 200 million ARB Gaming Catalyst Plan proposal

Arbitrum community opened a vote for its Gaming Catalyst Program (GCP) to boost support for game builders in the ARB ecosystem. The plan is to strategically allocate 200 million ARB to game projects within Arbitrum. The token has sustained its gains from the week.

More Arbitrum News

ONDO extends gains by 4% with rise in non-empty wallets, hits new all-time high

ONDO extends gains by 4% with rise in non-empty wallets, hits new all-time high

Ondo extended gains by 75% increase in the past 11 days, per crypto intelligence tracker Santiment. The token ranks among top trending assets on the platform, with a massive spike in non-empty wallets. ONDO added 4% value to its price on Sunday, sustaining 40% gains from the week. 

More Ondo News

Aptos user transactions hit record high, APT eyes over 20% gains

Aptos user transactions hit record high, APT eyes over 20% gains

Aptos user transactions in a single day reached 97.488 million. The number of user transactions and Transactions Per Second, both metrics hit a record high, supporting the thesis for price gains in APT. The rise in transaction-related metrics can be attributed to Tapos, a viral clicker game where users can earn rewards. 

More Aptos News

US Presidential candidate Donald Trump is open minded to cryptocurrency, supports right to self custody

US Presidential candidate Donald Trump is open minded to cryptocurrency, supports right to self custody

US Presidential candidate Donald Trump shared positive views on crypto, posting on social media platform, “I am very positive and open minded to cryptocurrency companies and all things related to this new and burgeoning industry.” 

More Cryptocurrencies News

Bitcoin: BTC struggles, but $80K is at striking distance Premium

Bitcoin: BTC struggles, but $80K is at striking distance

Bitcoin (BTC) price is in a good position to resume the bull rally despite the recent struggle. Optimism will restart if BTC overcomes a critical hurdle and flips it into a foothold. In such a case, the pioneer crypto will be slated to push to a new all-time high (ATH). 

Read full analysis

BTC

ETH

XRP