Solana is a hot blockchain right now, even outperforming Bitcoin in recent months. It’s the fourth largest blockchain in the world, and it’s attracting a lot of attention for its use in NFTs.
Solana’s NFT Popularity
Solana is currently the king of NFTs, with a whopping 35% market share. That’s almost double the share of Ethereum, which sits at 16%. Solana is attracting tons of new users, with over 40,000 active users in the past week alone. That’s a huge number compared to Ethereum, which only saw around 706,000 users in the entire year.
Trading Volume: Ethereum Still Leads
While Solana is winning the user count, Ethereum still dominates in terms of trading volume. Ethereum generated almost $4.7 million in trading volume over the past day, more than double Solana’s $2.1 million.
Why is Solana So Popular?
The main reason for Solana’s popularity is its low transaction fees and high scalability. This makes it much cheaper and easier to mint NFTs and deploy smart contracts. Ethereum has been working to improve its user experience by lowering gas fees, but Solana still has a significant advantage in this area.
Will SOL Break $190?
With all this activity, traders are watching closely to see if SOL can break through the $190 resistance level. If it does, it could soar to new highs of $210 in 2024.
