Every Reason Behind Solana’s (SOL) Recent Upsurge

Solana has performed well on price charts within the past few days. Moreover, Solana’s SOL gained approximately 9.40% within the previous 24 hours (Coinmarketcap data).

Lots of SOLe appreciation amidst broad crypto market recovery since mid-July contributed to that. Nevertheless, the expansive Solana ecosystem growth in recent days supported the upside.

SOL Still Upside

Ecosystem growth remained a vital facet of Solana’s swift development recently. Solana News stated that most assets increased activity lately.

STEPN (GMT) has topped ranks as the most exchanged coin on the Solana network, at $248.04M. SRM token comes behind STEPN with more than $102.99M traded assets at the timeframe.

Also, the blockchain recently updated market players about the increasing active addresses on Solana decentralized applications. Gaming site Gameta topped with more than 50.11K users. Magic Eden, and NFT marketplace, followed with more than 30.22K users.

Also, Solana tweeted about the highest traded non-fungible token collections within the past 24 hours. Genesis Genopets Habitats registered the top sales volume over the day, hitting above $183,539.

Okay Bears followed with $142,964 sales volume on the day. Meanwhile, Infected Mob, Dust Mines, and Mischievous Maxi collections followed.

However, beware that Solana NFT sales slumped by around 35% within the previous week, despite these collections recording a volume surge.

Moreover, SOL Nakamoto Coefficient recently touched 31. This figure has increased steadily since Solana’s March 2020 launch and remains elevated.

The indicator helps to analyze the ecosystem health, and Solana shows all the signals for that. Furthermore, the recent Solana Foundation data highlighted that. As the crypto market experience steady recoveries, Solana could be primed for more utility expansion.

As anticipated, SOL is also reacting well to blockchain growth. While publishing this post, SOL traded at $47.37, gaining approximately 18.60% within the past seven days.

The crypto market has seen impressive ups within the past few sessions. Bitcoin has outshined the $24K mark, trading at around $24,656 during this publication.

Also, Ethereum toppled the $2K level before a slight fall to hover at $1,992 at this writing. Maintaining the upsides will mean stable upswings for Solana in the upcoming sessions.

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