Many fans are asking me whether SOL can enter the market and what is the future value-added space;
Here, I will talk about the SOL coin in detail;
SOL's performance in the DeFi and NFT ecosystems in the second quarter was impressive, with revenue increasing 42 times; but it encountered some setbacks at the beginning of the third quarter.
First of all, SOL's fees and revenues achieved significant growth in the second quarter, generating more than $26 million in revenue, a year-on-year increase of 42 times. SOL's total transaction volume reached $292 billion, an increase of nearly 7 times over the same period last year.
In addition, SOL executed more than 15.3 billion transactions. Its daily active addresses exceeded 900,000, a year-on-year increase of 499%. The area where SOL performed well is the DeFi field.
SOL's TVL increased by more than 1,000% year-on-year. In addition, more than 98 million new NFTs were created, a year-on-year increase of 54 times. In the second quarter of 2024, SOL's independent NFT buyers and sellers were 1.4 million and 678,000, respectively. How SOL performed in the first week of Q3. Unlike Q2, Q3 did not get off to a good start, with some key figures declining. SOL’s daily active addresses fell sharply last week. As a result, the blockchain’s daily transaction volume also fell.
The blockchain’s fees and revenues also showed a similar downward trend. Despite this, SOL’s performance in the DeFi space remains encouraging as its TVL continued to rise over the past week.
After the price of SOL fell for several consecutive days last week, the token’s price has gained bullish momentum again. It has risen by more than 3% in the past seven days. Currently, SOL is trading at around $138 and has a market capitalization of more than $65 billion, making it the fifth largest cryptocurrency.
The technical indicator MACD shows a slight bullish momentum in the market, and SOL’s Chaikin Money Flow (CMF) indicator has risen, indicating a high probability of continued price increases.
Nevertheless, the relative strength index (RSI) is moving downward, showing a bearish trend.
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