Bitcoin
Solana ‘beats’ Bitcoin on this front, but is bad news coming?
- Solana Network Activity Remained High in May
- SOL price action was bullish, but sentiment around it turned bearish
Solana [SOL] has been in the spotlight recently due to its achievements in the NFT ecosystem. However, that’s not all, with recent datasets revealing that blockchain has excelled in yet another domain after it changed. Bitcoin [BTC].
High Solana Network Activity
SolanaFloor, a popular X identifier, recently tweeted that the blockchain managed to surpass Bitcoin in terms of revenue generated in the last 24 hours. To be more precise, SOL generated $1.65 million in revenue, while BTC generated “only” $1.5 million.
The reason behind this performance could be Solana’s robust network activity.
Artemis AMBCrypto Review data revealed that SOL network activity remained high in May. Not only did its daily active addresses increase sharply, but SOL’s daily transactions also soared on May 10. Here, it is worth highlighting that it fell soon after.
Source: Artemis
The increase in network activity has helped blockchain generate more revenue. We found that SOL’s fees have risen sharply since the beginning of May, allowing its revenue to grow as well.
Everything in the DeFi space also looked quite bullish as its TVL rose. Furthermore, SOL heavily dominated BTC in terms of network activity.
Both daily transactions and addresses for SOL remained considerably higher than those for BTC. In fact, SOL rates remained higher than BTC as the latter’s number suffered a huge drop on May 7th.
Source: Artemis
Furthermore, SOL has also been performing well in the NFT ecosystem. AMBCrypto had reported Previously, there has been a slight increase in Solana NFT volumes over the past seven days, driven mainly by top collections.
SOL remains optimistic
Meanwhile, Solana bulls remained strong in the market as its weekly chart remained green. According to CoinMarketCap, SOL has appreciated more than 5% in the last seven days. At the time of writing, the token is trading at $163.26, with a market capitalization of over $73.27 billion.
Thanks to rising prices, Solana’s social volume has increased in recent days. However, it was surprising to see a drop in SOL’s weighted sentiment.
Source: Santíment
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AMBCrypto then checked the SOL daily chart to see if this uptrend would continue. According to our analysis, SOL’s Relative Strength Index (RSI) registered an increase and appeared to be moving further away from the neutral 50 – a sign of a sustained uptrend.
However, the token price reached the upper limit of the Bollinger Bands – a sign of possible selling pressure.
Source: TradingView