Solana Becomes ‘Second-Largest Protocol’ by NFT Volume, Nearing $200?
2022.05.06 16:18
Solana Becomes ‘Second-Largest Protocol’ by NFT Volume, Nearing $200?
- Solana departs Q1 2022 with great results.
- Messari, published a Solana Q1 growth report.
- Solana may reach the bullish price of $200 sooner than expected.
Solana rocks the crypto market as it departs Q1 2022 with a bang. In detail, Solana was able to rake in huge partnerships and investors into its network. This is due to the continued development and overall blockchain enhancement of the platform. As a result, Solana hails as the second largest protocol by NFT sales volume.
Meanwhile, Messari, a crypto research and data tools platform, published a growth report on Solana during the first quarter. In this report, Solana is deemed as one of the Layer-1 networks with a high growth rate in the space. The rollout of bridge infrastructures such as Wormhole and Allbridge are some of the examples of how it was able to bring billions of dollars into its platform.
Source: MESSARI
Furthermore, the growing DeFi and NFT markets in the network are also some reasons how the network survived the bearish market. These crypto technologies reached billion dollar sales volume that contributed a lot to the market position of the crypto today.
On the other hand, Solana maintains its top position in the market based on CoinGecko. It has a huge market capitalization of more than $28 billion and a 24-hour trading volume of almost $2 billion.
Source: CoinGecko
At the time of writing, Solana trades at a decent price of over $80 per crypto with a decline rate of nearly -12% in the past 24-hour. This price performance of the crypto may not look good. However, considering all the ambitious partnerships and developments of the crypto in the past months, it is safe to say that Solana may surge its price anytime soon.
Interestingly, with the billions of dollars that are invested in Solana today plus the potential collaborations it will have in the future, SOL may reach the bullish price of over $150. It may even surge further to $200 if the bullish market continues to favor Solana.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.
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