Solana is already a cryptocurrency blockbuster this year and even 2021. However, its token (SOL) has been in free fall, following technical difficulties in its network. But does that hinder its growth? Well, not really. In fact, it has received more support – recently JP Morgan, one of the largest banks in the world, voted for Solana. The dominance of the Ethereum blockchain in trading non-fungible tokens has dropped from 98% to 80% in recent months. While Solana can capitalize on this shortfall.
Break record
Sales of non-fungible tokens (NFTs) on the Solana blockchain crossed the $1 billion mark in total volume in January 2022. According to sales tracker NFT CryptoSlam, the plot looks like this :
Source: cryptoslam
As seen above, January 2022 recorded impressive numbers. A remarkable achievement considering SOL’s competition with the biggest altcoins. But ETH has been plagued by high transaction fees. One of the reasons why individuals across the globe started looking for cheaper alternatives.
The first Solana NFT to hit $1 million occurred on September 11, for a Degenerate Ape Academy NFT – part of a collection of 10,000 algorithmically generated 3D primates. The most expensive Solana NFT sold for $2.1 million almost a month later.
Looking at volume only, SOL peak weekly trading volume hit $160.39 million on August 29, 2021. Consider this another niche to support the aforementioned development.
In 2021, VISA moved $10.4 trillion in payment volume and Ethereum moved $11.6 trillion. Now, according to the Analytics platform, Siphon- Solana is settling $1-3 trillion dollars in asset value EVERY DAY.
Source: sophon.xyz
Not surprisingly, SOL has become a favorite among investors over the years.
i am king
Having said that, the king stays king. Ethereum is still the top dog when it comes to trading volume. Solana lacks high-profile NFT projects. Such as Bored Ape Yacht Club and CryptoPunks.
However, the 7th largest token gained 3% in 24 hours, recovering from previous losses. At the time of writing, SOL is commercial at $137.