Blockchain News

Solana’s On-Chain Data Points Upward Following Big Early Wins In Q2 2023

Solana (SOL) bulls are ecstatic following the release of the first Web3-powered smartphone, which allows users to easily acquire digital assets while minting non-fungible tokens (NFTs).

Following the launch of the Saga smartphone, the community celebrated the Grayscale Solana Trust Shares trading, with its price responding positively. Saga, which is powered by the Solana blockchain, has received a lot of positive feedback in its first week on the market, though there has been some discussion about its $1,000 price.

SOL daily trading volumes have surpassed $500 million, in addition to the recent Grayscale Trust, which has $2.9 million in digital assets under management (AUM). Before a price correction, SOL rose 29% to a monthly high of $26. This year, it has increased by 125%, wiping out sharp losses from last year caused by network outages.

As SOL grows alongside the market, its NFTs volumes continue to soar and are expected to soar even further following the recent migration of Helium to its network with 991,000 NFT mints.

On the other hand, some analysts warn that the bullish price outlook for SOL does not reflect in the derivatives market, which could lead to further price corrections in Q2 2023.

During last year’s upheaval, NFTs were a major driving force of SOL, with many describing them as “fueling DeFi on the network.” Solana’s daily NFT transactions have reached a new high this month, but other DeFi activities, such as lending, staking, and decentralized exchange, remain challenging.

According to a Delphi Digital report, Solana’s NFT market share has increased to 14% from 6% last year, trailing only Ethereum. Its new NFT Compressor technology, which was released this month, makes it easier and cheaper to mint tokens, allowing for more room for growth. 

With the Helium 991,000 NFT announcement, the technology reduces the cost of minting a million NFTs to $110. As NFT activity in Solana continues to rise, it is difficult to predict how it will affect other DeFi metrics when compared to similar networks.


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