Solana NFT User Adoption Soars above Bitcoin and Ethereum

15 July 2024

in NFT

Reading Time: 4 mins read

Solana is growing in key areas including its digital collectibles unit, topping the duo of BTC and ETH in user adoption.
The Solana price momentum has recently received a boost with further growth imminent.

The Solana (SOL) ecosystem has seen increased adoption of daily Non-Fungible Tokens (NFTs), outshining top players Bitcoin (BTC) and Ethereum (ETH). This achievement comes amid the increased activity and price surge in Solana.

Solana’s Impressive NFT Display

SolanaFloor, a news source associated with the blockchain ecosystem shared Solana’s impressive NFT performance on a post social media X. According to the details, Solana outperformed top blockchains like Bitcoin and Ethereum regarding daily NFT user adoption.

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???? REPORT:@solana surpasses all other chains, including Bitcoin and Ethereum, in Daily NFT Blockchain User Adoption. pic.twitter.com/YcbBltQgpa

— SolanaFloor (@SolanaFloor) July 12, 2024

[crypto-donation-box]

Within the last 24 hours, the Solana NFT users soared by 34% to 9,300. Polygon (MATIC) and Ethereum were amongst the top three with increases of 30% and 13% respectively. A closer look into the stellar performance revealed by DappRadar shows Frogana, Mad Lads, and Retardio Cousins were the top three NFT collections on Solana over the last 24 hours. The NFT trading volume for Frogana is at $487, 400, Mad Labs at $443,330, and Retardio Cousins at $204,000.

Data from Santiment revealed a surge in Solana’a NFT trade count last week, coinciding with an increase in the price of SOL. At the same time, Solana’s NFT volume grew by about 8%. Despite outperforming Bitcoin and Ethereum, the number of Solana NFT buyers and sellers dropped last week.

Specifically, SOL’s number of NFT sellers dropped by 59% and buyers by over 66%.

An Ecosystem Growth in Solana

As experts have established, Solana is a blue chip crypto boasting great utility and a thriving ecosystem, including popular memecoins such as Bonk (BONK) and dogwifhat (WIF). The past month has been quite favorable for the broader Solana ecosystem fueled by strategic partnerships and innovations

As previously mentioned in our report, Solana has achieved 1,504 TPS, enhancing transaction speed. As a result, Solana’s TPS is now 46 times quicker than Ethereum, highlighting its superior blockchain platform.

Additionally, popular stablecoin issuer Circle has announced a strategic partnership with Solana to integrate its Cross-Chain Transfer Protocol (CCTP) into the blockchain. As we discussed earlier, $250 million worth of USDC has been minted on the blockchain and analysts believe this could propel SOL to $900 by the end of this cycle.

For now, SOL has experienced an increase of 3.8% in the past 24 hours with its price set at $152.25. The trading volume also increased by 13% to $2 billion, while the market cap is pegged at $70.6 billion.

According to technical analysis, the Moving Average Convergence Divergence indicates a bullish trend.

MACD indicator for SOL displayed a bullish advantage in the market. The Relative Strength Index (RSI), another key metric displayed an uptick and was headed further up from the neutral mark, indicating a continued price increase prospect.

With these metrics showing positivity, crypto analysts are betting big on Solana and some have forecasted a 5-20x gain for the token, as noted in our earlier post.