- According to Nansen’s quarterly report, Q2 noted as many as 40 million daily transactions in the case of Solana.
- The end of Q2 also witnessed the highest monthly sales of NFTs for Solana in almost five months, reaching $118 million.
- On the charts, SOL is struggling to escape the clutches of bears, keeping Solana close to the lows of $30.
Solana price rose to proficiency in 2021 when it was ranked among the best-performing assets, but the series of crashes that followed left it in the weeds. However, over the last couple of months, Solana seems to have carved some attention for itself, which is visible in the on-chain performance of the asset.
Solana takes over Ethereum
According to a report from Nansen, Solana observed significantly more transactions on a daily basis during the second quarter than Ethereum ever could.
All in all, over 40 million non-vote transactions were recorded, while in the case of Ethereum, only a little over 1.1 million transactions could be observed. Although the report highlighted that the volatility observed in the case of Ethereum was far lower than Solana, giving the former more stability.
Solana vs. Ethereum transactions
But the daily transactions weren’t the only front Solana noticed a growth on. In the case of NFTs, Solana had a pretty remarkable Q2. As a matter of fact, June recorded the highest NFT sales in almost five months, with Solana bringing in over $118 million.
Over the following months, the same volume dropped to less than $100 million and currently stands at just $85 million.
Solana NFT monthly sales volume
Solana makes no bang on the charts
Talking about the performance of Solana’s native token SOL, the second quarter hasn’t been favorable to investors. Throughout those three months, SOL went through multiple ups and downs before returning to the same price of $31, which was the lowest this year.
As it is, SOL is struggling to recover, and the added pressure from the bears is going to make it far more difficult for it going forward. The altcoin has been stuck below the 23.6% Fibonacci retracement of the $136-$26 decline, and might end up staying there, showing some restraints in the future as well.
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.