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NFTs solana Ethereum

Solana Dominates NFTs: But When Will SOL Breach $190?

Dalmas Ngetich
by Dalmas Ngetich
1 year ago
·
Posted in Solana
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Solana remains the fourth largest blockchain platform, excluding USDT, which is third in the market cap. Over the past year or so, SOL, the native token of the modern network, has been on a tear, outperforming even Bitcoin. This expansion is despite Bitcoin racing to print all-time highs.

While optimism is high, the crypto market is generally cooling off, and there are concerns that the next wave confirming those of Q1 2024 could be delayed. However, as crypto analysts keep watch of politics and other factors, Solana is picking up momentum.

Solana Attracts More NFT Users Than Ethereum, Polygon

Based on recent on-chain activity, the latest data shows that Solana is the king of NFTs, especially in terms of the number of minted items. When writing, Solana dominates with a 35% market share, nearly double that of Ethereum at 16%.

Related Reading: Bitcoin (BTC) Sellers Back In Action, Is This Bad Or Good For Price?

According to NFT Pulse, Solana drew 8,400 users in the past day. Meanwhile, others choose Polygon, the Ethereum sidechain, as their preferred platform. There were 6,100 active users in the last day.

Solana NFT user activity | Source: NFT Pulse
Solana NFT user activity | Source: NFT Pulse

At this pace, there are roughly 40,000 active users in the past week on Solana, pushing those to over 1.5 million year-to-date. Interestingly, there are users on Ethereum in the same timeframe, at around 706,000 every year.

Ethereum Generates The Most Trading Volume In USD Terms

However, looking at trading volume, Ethereum leads. Over the last day, nearly $4.7 million in trading volume has been generated on the first smart contracts platform, over 2X more on Solana at around $2.1 million. Over $7.3 billion worth of NFTs in the last year have been traded on Ethereum, more than 3X on Solana at just $2 billion.

The shift in user count, favoring Solana, is primarily due to the network’s low transaction fees and high scalability. Although Ethereum fees might be higher, gas fees have been on a downward trend over the months.

Related Reading: SEC Cracks Down On Brothers Behind $60 Million Crypto Ponzi Scheme – Details

Dropping fees could be partly due to efforts done by Ethereum developers to enhance user experience. Early this year, the smart contracts platform activated Dencun, a hard fork that made layer-2 transactions cheaper.

The cheaper it is to deploy smart contracts and mint NFTs, the more users there are. Over the last week, Base, one of the largest Ethereum layer-2s by total value locked (TVL), drew over 14,500 users.

Solana price trending sideways on the daily chart | Source: SOLUSDT on Binance, TradingView
Solana price trending sideways on the daily chart | Source: SOLUSDT on Binance, TradingView

As Solana chain activity ramps up, traders watch whether bulls will push higher, breaking above $190. A break above this level could see SOL soar to 2024 highs of $210.

Feature image from dashmydesigner on DeviantArt, chart from TradingView
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Dalmas Ngetich

Dalmas Ngetich

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Dalmas is an experienced journalist with over a decade in Forex, general finance, technology, and blockchain developments. He is currently a crypto reporter for Bitcoinist, where he covers DeFi, blockchain, DeFi, and latest industry news. His work and that of his partners have been featured in top news outlets, including Forbes, investing.com, CoinTelegraph, and Entrepreneur, among others. He is passionate about technology and politics and is always on the lookout for the latest trends in these fields. He also loves spending time with his family and friends, exploring nature, and traveling to new places. Connect on X: @Dalmas_Ngetich, or message him directly on Telegram here: @Dalmas_Ngetich.

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