Solana
Solana Beats Bitcoin and Ethereum on THIS Front: Will SOL Rise Too?
- SOL’s monthly NFT transactions were much higher than those of Bitcoin and Ethereum.
- Weekly ETH sales volume increased, while SOL and BTC fell.
Solana [SOL] continued to dominate the NFT ecosystem last month, followed by stalwarts like Bitcoin [BTC] And Ethereum [ETH].
Let’s take an in-depth look at how these blockchains are performing in the NFT space to better understand who is really driving the market.
Solana takes the cake
Coin98 Analytics recently published a Tweeter highlighting the performance of several blockchains in the NFT space.
According to the tweet, SOL was the market leader last month in terms of total unique traders, as its number reached 308,000.
Solana was followed by Bitcoin and Ethereum, which had 129,000 and 74,000 unique traders, respectively. Polygon [MATIC] And Aptos [APT] finished and also ranked in the top three of the same list.
Solana also outperforms others with 5.2 million monthly NFT transactions. On the other hand, the numbers for BTC and ETH stood at 550,000 and 437,000, respectively.
AMBCrypto’s take on DappRadar data revealed that STEPN, Mad Lads, and Famous Fox Federation were the top 3 NFT collections on Solana over the last 30 days.
NodeMonkes, Bitcoin Puppets and RuneStone were the top three BTC collections.
Meanwhile, Bored Ape Yacht Club, Milady Maker, and Mutant Ape Yacht Club occupied the top three positions on the Ethereum blockchain.
It was interesting to note that despite topping the rankings, Solana’s monthly NFT sales volume dropped by over 40%. AMBCrypto reported earlier, how BTC outperforms ETH in monthly NFT sales.
However, a similar downward trend was also seen for BTC and ETH NFT sales volume, which fell by 62% and 52%, respectively.
Nonetheless, the number of buyers and sellers of SOL increased by double digits, reflecting strong activity.
Source: CRYPTOSLAM
Things have changed over the past seven days in terms of growth, with ETH outperforming others. Data from CRYPTOSLAM revealed that ETH’s NFT sales volume increased by 17% last week.
At the same time, SOL and BTC numbers fell by 18% and 37%, respectively. Notably, ETH also recorded the highest sales volume at over $40 million, while SOL’s figure was the lowest at $14 million.
Source: CRYPTOSLAM
Status of SOL, BTC and ETH
As the NFT market saw a change in trend last week, the prices of all cryptos turned bullish.
On the one hand, the prices of BTC and ETH fell by 4.4% and 3.4%, respectively, and on the other hand, SOL fell by almost 10%. At the time of writing, BTC was trading below $67,000.
According to CoinMarketCapat press time, ETH and SOL were trading at $3,558 and $144, respectively.
Read Ethereum [ETH] Price prediction 2024-25
Bearish price actions have also had adverse consequences on the social metrics of these cryptos.
AMBCrypto’s analysis of Santiment data revealed that the weighted sentiments of SOL, BTC, and ETH fell, meaning bearish sentiment around them was dominant in the market.
Source: Santiment