Several Solana (SOL) metrics look good amidst a broader crypto market uptrend. With all of these positive metrics, Solana has taken the lead over its hosted projects regarding development activity.
Solana Beats Jupiter Exchange, Wormhole And Others
Blockchain analytics platform Santiment shared a list of top crypto projects in the Solana ecosystem. Directional indicators were added side-by-side to show their ascension or descension from the previous ranking.
Amongst the listed projects were Solana, Jupiter Exchange, Wormhole, Metaplex, and Pyth Network amongst others. They were all sorted by their average daily notable development activity over the past 30 days.
🧑💻 Here are crypto’s top projects in the Solana ecosystem, sorted by average daily notable development activity over the past 30 days.
Directional indicators represent each project’s ascension or descension in their rankings since last month:
📈 1) @solana $SOL
📉2)… pic.twitter.com/umwM4ZGwPu— Santiment (@santimentfeed) July 17, 2024
According to Solana’s directional indicator, the coin has significantly ascended from its ranking in the past month. A majority of the other protocols saw a descent in the development activity. Meanwhile, Solana’s excellent performance was not limited to its development activity.
The seven-day moving average (7DMA) of daily non-vote transactions reached 46 million. This is the highest level that Solana has recorded since January 2022.
For context, these non-vote transactions are all featured on the network and have no relationship with validator voting processes. They usually include transfers, smart contract interactions, and decentralized application (dApp) usage.
The growth was attributed to the boom in memecoin activities within the Solana ecosystem. Memecoins like pump.fun and Dogwifhat have registered sizable growth in terms of their price.
SOL Metrics Display Disparity
Also, the 7DMA data shows that the Solana network adds approximately 1.45 million active addresses per day. This means that the average active user conducts over 30 transactions in a day. Compared to Ethereum which barely sees an average of two transactions from an active user, Solana is standing out. Generally, these high activities reflect the overall state of health and utility of the Solana network.
In terms of price, Solana has moved towards the ‘red’ on the chart with a 3.33% plunge in the last 24 hours. Its trading volume and market cap are equally lower than they were on Tuesday. At the time of this writing, SOL was trading at $156.61.
This disparity in key metrics has raised concerns amongst analysts and market observers. It is a matter of whether the market is yet to fully appreciate the increased activity on the network or whether the market considers that automated bots may be the reason for the influx of transactions. However, Analysts’ expectation in the long term is that prices will skyrocket.
Disclaimer: The information provided in this article is for informational purposes only. It does not constitute investment, financial, trading, or any other sort of advice. You should not treat any of BGEcrypto’s content as such. BGEcrypto does not recommend that any cryptocurrency should be bought, sold, or held by you. Do your due diligence and consult your financial advisor before making any investment decisions.
