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Solana Surges 8% in Week, Challenges Ethereum on This Specific Market

Fri, 09/30/2022 - 13:50
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Gamza Khanzadaev
Solana surges in seven days as Solana NFT trading volume is up three times in six weeks
Solana Surges 8% in Week, Challenges Ethereum on This Specific Market
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SOL has risen more than 8% in the last seven days, reaching $35.5 per token at one point. The rise in the price of Solana's native blockchain token has been accompanied by a number of positive trends in its performance. At the end of last week, it was revealed that the number of transactions processed by Solana had reached 100 billion.

More interesting are the current statistics from Delphi Digital, according to which Solana NFT's share of the total trading volume in this specific segment of the crypto market has risen from 7% to 24% in the last six weeks.

Solana's bet on NFT

Solana is known to be betting heavily on the NFT sector. This was also the point made by blockchain co-founder Anatoly Yakovenko, who recently said that NFTs could become a big Disney-like entertainment industry in the future.

Looking at the graph above, we can see that the quantitative breakthrough of Solana NFT took place first at the end of August and then again in September. Apart from this, NFT minting on Solana is also growing at a great pace and has already reached the mark of 350,000 weekly NFT mints.

While Solana itself and its community await the long anticipated transition of the blockchain to the main network, the infrastructure around it continues to expand and impose competition on its main rival, Ethereum.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.