The most valuable cryptocurrency right now is Solana (SOL), which earns more every day than Bitcoin (BTC). The news comes at a very important time for SOL, as its price on the NFT market is still going up very quickly. Making this significant move forward is necessary to become the boss.
SolanaFloor, a well-known person in the crypto world, talked about the incredible achievement on Twitter. New numbers show that SOL made a remarkable $1.65 million in 24 hours, which is a lot more than Bitcoin’s $1.5 million. It’s clear that SOL is getting more and more famous and that her network is very busy.
Solana’s Network Activity Surge
A close study of Artemis‘ data by analysts helped explain what was causing Solana’s rise. During the month of May, the number of daily active addresses and deals on SOL went up. The 10th of May was clearly the peak. It went down after that, but the overall trend kept positive, which caused sales to go up by an enormous amount.
Solana’s transaction fees went up sharply because of the increase in network traffic. This made its income streams even stronger. In the same time period, the world of decentralized finance (DeFi) went up, with SOL’s Total Value Locked (TVL) going up a lot.
Surprisingly, Solana’s control over Bitcoin went beyond making currency, it also included measures for network activity. The number of daily transactions and live addresses on the Solana blockchain always surpassed those of Bitcoin. This proves that SOL is rising in the crypto hierarchy.
SOL was still doing well in the market even though people kept talking about how great it was in the NFT environment. A week ago, SOL was worth $163.26 and had gone up 5%, giving it a market value of over $73.27 billion. Bulls in the SOL coin kept a tight grip on the market mood.
Solana’s weighted sentiment dropped suddenly during the price increase, though. This makes me wonder how sentiment in the market changes over time. Analysts saw good things when they looked closely at SOL’s daily chart.
The Relative Strength Index (RSI) also showed that the price was going up. But as the price of SOL got closer to the upper limit of the Bollinger Bands, there were signs that selling might start.
