 
 
- Solana recorded a few big wins this week alongside the Helium migration to start out the second quarter on excessive.
- NFTs on Solana stay a significant driving power as each day transactions attain an all-time excessive, pushing its gross sales quantity to 14% of the market share.
- The value of SOL has soared over 125% this 12 months, buying and selling at $22.1, leaving pundits with many speculations relating to its run.
Solana (SOL) bulls are in a frenzy following the launch of the primary Web3-powered smartphone, which makes customers purchase digital belongings alongside minting non-fungible tokens (NFTs) effortlessly.
After the Saga smartphone launch, the group celebrated the Grayscale Solana Belief Shares buying and selling, with its worth reacting positively. Powered by the Solana blockchain, Saga has obtained a variety of good opinions in its first week available on the market, though there was slight speak about its $1,000 worth.
Every day buying and selling volumes of SOL are as much as a little bit over $500 million along with the latest Grayscale Belief, which stands at $2.9 million in digital belongings underneath administration (AUM). SOL rose 29% to hit a month-to-month excessive of $26 earlier than a worth correction. This 12 months, it has gained a major 125%, wiping away sharp losses of final 12 months brought on by community downtimes.
As SOL continues to develop alongside the broader market, its NFTs volumes proceed to surge considerably and are billed for extra development following the latest migration of Helium to its community with 991,000 NFT mints.
On the flip facet, some pundits warn that the bullish outlook of SOL in worth doesn’t mirror within the derivatives market and should result in additional worth correction in Q2 2023.
 
 
NFTs to the rescue
Throughout final 12 months’s turmoil, NFTs had been a significant driving power of SOL, described by many as ‘fueling DeFi on the community.” Every day NFT transactions of Solana have hit a report excessive this month, though different DeFi actions, together with lending, staking, and decentralized trade, proceed to wrestle.
Solana’s NFT market share has grown to 14% from 6% final 12 months, trailing solely Ethereum, based on a report from Delphi Digital. Its new NFT Compressor know-how launched this month makes it simpler and cheaper to mint tokens creating extra room for growth.
The know-how reduces the price of minting 1,000,000 NFTs to $110 and is present process assessments with the Helium 991,000 NFT announcement. As NFT actions proceed on an upward trajectory in Solana, it’s nonetheless unlikely to see the way it will push different DeFi metrics in comparison with comparable networks.
