Solana
How Solana dApps can help SOL in Q2 2024
- The Solana ecosystem has seen an increase in activity and development.
- Interest in DeFi and Solana NFTs has waned.
Solana [SOL] has attracted large amounts of activity to his network due to the recent popularity of his meme pieces.
However, it was not just meme coins that attracted users to the Solana network: dApps on the Solana network also played a crucial role.
An overview of the Solana ecosystem
Popular dApps such as Wormhole, Jupiter and Pyth Network have managed to gain a large number of active addresses over the past few weeks.
Development activity on these dApps has also increased, suggesting that new updates and upgrades could be on the way. These new developments could help attract even more users to the network.
Source: Santiment
Over the past few weeks, the number of daily transactions made on the Solana network has increased from 20 million to 30 million.
However, the number of daily active addresses on the network has remained the same.
This indicates that the high number of transactions on the network is not due to new addresses but the same old ones.
Source: Artemis
Some challenges ahead
In the DeFi sector, the Solana network has faced some issues. DEX (Decentralized Exchange) volumes on the network have declined sharply in recent days. Along with this, TVL (Total Value Locked) started to stagnate.
Source: Artemis
Solana has also seen a decline in interest in its NFT sector. AMBCrypto’s analysis of Solana Floor data indicated that the total floor value of Solana NFTs has declined significantly over the past few days.
The volume of NFTs sold on the Solana network also decreased during this period.
Source: SolanaFloor
These factors could negatively impact the Solana ecosystem and prove to be an obstacle to the growth of the ecosystem in the future.
Read by Solana [SOL] Price prediction 2024-25
Decreasing interest in the Solana ecosystem may also have negative impacts on the price of the SOL token. At press time, SOL was trading at $146.24 and its price was down 4.84% in the last 24 hours.
The volume that SOL was trading at also fell by 9.53% during this period.
Source: Santiment