After posting a 5% increase to $15.87, Solana (SOL) has joined the modest cryptocurrency rise currently prevailing in the market. For Solana, which has seen total growth of 63.89% since the year’s beginning, huge price increases are nothing new. SOL has already cut back on its losses for the previous week and is up by 2.57% in the current price range.
One of the most adaptable smart contract networks on the market right now is the Solana ecosystem, which is constantly developing. A recent research from crypto analytics service firm Messari highlighting the Solana non-fungible token (NFT) characteristics must have set off the current price increase.
In the Decentralised Finance (DeFi) ecosystem, Solana is renowned for the diversity of its innovations and expanding Total Value Locked (TVL). However, Messari noted that the protocol’s NFT ecosystem has clearly grown during the past month, with a doubling in daily NFT transactions.
Solana features some of the strongest NFT trading markets on the market, with names like Magic Eden, Blur, and NFTFi taking centre stage, in addition to fierce rivalry from OpenSea.
Solana’s broadening utility amid crackdown
Due to the negative market sentiment surrounding Solana’s categorization as a security by the United States Securities and Exchange Commission (SEC), the company’s growth has stalled. Major trading platforms including Robinhood, eToro, and Bakkt, among others, have pulled their support for the token along with Cardano (ADA) and Polygon (MATIC), as a result of the SEC’s designation of it as a security.
Despite this bleak prognosis, Solana has managed to put on a remarkable show in terms of the innovation that is flowing through its developer community. The blockchain network is making efforts to fix its outage issues, which have recently contributed to a surge in active addresses.
