Solana Makes A Comeback: 15% Rally Signals Renewed Momentum

Christian Encila

Last Updated: June 30, 2023 7:56 am

4 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Created by industry experts and meticulously reviewed

The highest standards in reporting and publishing

How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Solana (SOL) has staged an impressive comeback, igniting renewed momentum in the crypto space with a decent 15% rally. The blockchain platform has been making significant strides as of late, particularly in the realm of non-fungible tokens (NFTs).

Over the past few weeks, Solana’s NFT trade counts and trade volume have experienced a notable surge, underlining the platform’s growing popularity among artists, collectors, and enthusiasts.

Adding to the excitement, SOL’s price witnessed a significant uptick in the last 24 hours, further fueling investor interest and cementing its position as one of the most promising cryptocurrencies in the market.

The recent surge in NFT activity on Solana reflects the platform’s increasing appeal for digital creators seeking efficient and eco-friendly solutions for tokenizing and trading their unique artworks and digital assets.

Top Solana Projects by Active Users (Last 7D)@MagicEden $RARI @rarible $MEAN @meanfinance $GARI @Chingari_IN $SBR @Saber_HQ $GENE @genopets @solincinerator @SharkyFi $RAY @RaydiumProtocol $TFMC @tapfantasy2021 @dappradar #Solana $SOL pic.twitter.com/n4HTxmMcjA

— Solana Daily (@solana_daily) June 28, 2023

Solana’s Magic Eden Triggers Active Users Surge

In a noteworthy update highlighted by Solana Daily, a renowned Twitter account dedicated to sharing updates about the Solana ecosystem, it was revealed that Magic Eden has emerged as the project with the highest number of active users in the past week. This development showcases the growing popularity and adoption of Magic Eden within the Solana community.

The blockchain’s metrics further substantiate this narrative of growth. According to data from Dune, Solana’s NFTs have observed a significant increase in the total number of transaction counts over the recent weeks.

Source: Dune Analytics

The increasing level of transaction activity is matched by a corresponding surge in transaction volume, highlighting the growing enthusiasm and involvement in Solana’s NFT marketplace.

SOL up 15.4% in the last 24 hours. Source: Coingecko

As a result of these positive developments, SOL, the native cryptocurrency of Solana, has experienced a substantial surge of 15.4% within the past 24 hours alone.

CoinGecko reports that SOL’s price has reached $18.63, consolidating its upward momentum. This consistent climb has persisted over the past seven days, with SOL climbing 11.0%.

SOL market cap currently at $7.3 billion. Chart: TradingView.com

Altcoin’s Popularity On The Rise

According to a recent report on SOL’s price, it is evident that the altcoin experienced an increase in popularity over the course of last week. This rise in popularity was reflected in the surge of social volume surrounding the token.

As more users engaged in discussions and shared information about SOL on various social media platforms, it became clear that interest in the altcoin was growing steadily.

Moreover, SOL’s weighted sentiment also witnessed an upward trajectory during the same period. This indicates that the overall sentiment surrounding the token was predominantly positive.

Investors and enthusiasts expressed optimism and confidence in SOL, which contributed to the overall positive sentiment observed in discussions and sentiment analysis.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Unsplash

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.