As the war between Russia and Ukraine continues to dominate the news market, the good run of every Cryptocurrency has come to a brief halt. Prices are fluctuating more than ever, with the larger portion showcasing a downward trend.
The only market to highlight a pleasant picture is of the non-fungible tokens. They, too, have their fair share of fluctuations, but their future commitments are much higher. Investors’ sentiments, meanwhile, remain sensitive with the hope for a brighter future.
Solana is performing with average statistics, but so are other major Cryptocurrencies. Looking specifically at SOL’s performance, then the trading price at the moment stands at $86.60, down by 1.53% in the last 24 hours and 8.16% in the last seven days.
Its all-time high value of $260.06 appears to be very far at the moment, but according to the SOL crypto price prediction, SOL will surpass that value tentatively by next year. The current year will remain bullish as SOL is estimated to touch the mark of $160 by the middle of 2022.
SOL stands at a total market capitalization of $27,241,552,460 with 320,062,806 SOL in circulation in the market.
Investors are still in a gray area with doubts surrounding its performance amid the Russia-Ukraine war. What’s keeping them hopeful is the NFT market that is slowly picking up the pace.
Non-fungible tokens did take the market by storm. Clouds of doubt surrounded their work, but it appears that everything is now working out to be fine.
Experts who regularly analyze the NFT market have noted that the number of launches of non-fungible tokens on the Solana network has increased considerably. They added that more than 8 million were being minted via Metaplex.
Another figure that is restoring everyone’s faith in Solana’s NFT marketplace is the increase in the number of single wallets holding more than one non-fungible token.
It has reportedly surpassed the value of 500k wallets.
The performance, when compared to OpenSea, stood out in the eyes of the experts. While analysis revealed that 2,033,077 non-fungible tokens were sold on OpenSea (Ethereum) and 1,764,674 non-fungible tokens were sold on OpenSea (Polygon), Solana-based Magic Eden NFT marketplace alone crosses these two figures with quite an ease.
However, it is not all good as it appears to be. The weighted sentiment has largely been negative since the start of 2022. It showed a slight rise above zero but only to drop to -1.202 again.
The daily active signers peaked till the end of January, touching the figure of 299k, but it now stands at 232k after the Solana network began performing badly. Experts have also expressed their concerns over frequent crashes of the Solana network.
Performance is sure to pick up in the future after the issue is resolved. Until then, Solana’s reputation will be brightened by Solflare and Phantom after they successfully launch their iOS mobile applications in the market.