SOL: Solana's status after this 100 billion advance
Solana (SOL) has joined a consortium of blockchains that have performed over a billion transactions. According to the information on its official website, the SOL ecosystem was able to reach the milestone, thanks to the strength of 2,011 authentic invoices. Furthermore, these transactions are completed in an average of 3,448 seconds.
However, this milestone may not be exciting for some parts of the crypto ecosystem. This is because the Solana blockchain has kept Ethereum [ETH] solid, according to a recent report.
He even outperformed him in day trading. All of this happened in a network launched in 2019. So what else has been happening on the blockchain?
SOL Win and lose
Looking at its position in the decentralized finance (DeFi) sector, DeFi Llama shows Solana's total value locked (TVL) at $1.29 billion. According to aggregator TVL, present value has increased by 2.31% in the last 24 hours with Solend, a lending protocol it dominates.
Also, it appears that the Solana chain hasn't performed as badly as some of the angles suggest, especially since this comes after the positives in its Q2 report.
How about the price of SOL? Well, haven't had a walk in the park lately as SOL is down 1.31 % in the last 24 hours while trading at $31.82.
Despite surging as high as $33 in the previous day, SOL's current momentum is favorable for the downside.
The Relative Strength Index (RSI), at 45.87, suggests that the SOL is not strong enough to sustain previous buying momentum at 56.66. Hence, a move to the downside was expected. However, the current uptrend is closer to neutral than within the control of sellers.
Solana NFT moving, on chain data
Based on their NFT data, it looks like the division continues to move towards the big milestone. As reported by CryptoSlam, Solana NFTs are up 11.50% in the past day.
This increase has totaled transactions to $3,153,288 at press time. With over 11,000 buyers and 54,000 transactions, SOL has proven that it remains a force to be reckoned with in the space.
In terms of their on-chain performance, SOL has been highly rated on both sides. While development activity isn't a sweet story to tell, the volume over the past few days hasn't been bad.
Santiment data indicates that Solana volume reached 1.31 billion on September 22. But at the time of this writing, it has dropped to 834.74 million.
Sep 24, 2022