Solana has recorded a significant surge in activity in recent days, primarily driven by the booming NFT market.
Surge in Active Users
The rise in Solana DApp volumes coincides with a significant surge in the number of active users on the network. Solana recorded a 111% growth in unique wallets, with the total reaching 2.49 million. Additionally, transactions on the Solana blockchain registered a 15% increase, surpassing 11 million. Magic Eden and Tensor have been key players in this growth, with notable increases in volumes since 2023. Magic Eden saw a 600% increase, while Tensor recorded a 95% surge.
Solana's Technical Analysis
Despite the impressive metrics, Solana's native token is still struggling to gain significant momentum. The Chaikin Money Flow indicator shows a negative value, indicating weak demand, although there are signs of improvement. The MACD indicator also signals a weak uptrend, with bears still in control of the market.
Regulatory Impact on the Market
It's noteworthy that this growth comes amid a stringent regulatory environment. Recently, OpenSea received a Wells notice from the SEC, threatening to sue the platform for listing NFTs as securities. This regulatory pressure impacts market sentiment and could affect the future development of cryptocurrency projects.
The rise in DApp volumes and active users on Solana indicates significant network progress, although the SOL token still needs to gain sustained momentum.
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