SOL’s Quarterly Growth Gives Investors Something to Smile About

The blockchain intelligence firm Messari (@MessariCrypto) tweeted yesterday regarding Solana (SOL). In the tweet, Messari shared some of the key points from a recent report compiled by one of their analysts for Q1 2023.

.@JamesTrautman_ 's State of @solana Q1 23' report ️

+Market cap rebounded, increasing 118.1% QoQ
+TVL denominated in USD increased by 23.5%
+NFT sales denominated in $SOL increased 19.3%, reaching ATHs

FREE report link in the next tweet pic.twitter.com/xB4O2BSzib

— Messari (@MessariCrypto) April 23, 2023

The first key point from the report is that the market cap for SOL rebounded over the last quarter. The tweet added that the Ethereum-killer’s market cap has increased by approximately 118.1% since the end of the previous quarter.

Secondly, the Total Value Locked (TVL) for SOL denominated in USD increased by approximately 23.5%. The last key point from the report is that the number of NFT sales denominated in SOL increased by 19.3% — reaching new all-time highs.

At press time, the price of SOL stands at $21.22 according to CoinMarketCap. This is after the altcoin’s price dropped 4.24% over the last 24 hours. Solana will also want to move on from the last 7 days as the ecosystem’s native token has fallen nearly 16% over the past week.

SOL was, however, able to reach a 24-hour high of $22.22, but is currently trading closer to its daily low of $21.07. Daily trading volume for the altcoin has risen 32.81% and currently totals $357,453,241.

The altcoin was also outperformed by the two market leaders Bitcoin (BTC) and Ethereum (ETH) in the last 24 hours. Currently, SOL is down 2.49% against BTC and 2.19% against ETH. As a result, 1 SOL is worth approximately 0.0007806 BTC and 0.01157 ETH.

Daily chart for SOL/USDT (Source: TradingView)

At press time, SOL’s price is seeking support from the key price level at $21. This level is the altcoin’s last hope before it drops down to the next key support level at $18.70 in the coming week.

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Source: https://thebittimes.com/sol-s-quarterly-growth-gives-investors-something-to-smile-about-tbt44923.html?utm_source=blogger_source&utm_medium=blogger_medium&utm_campaign=blogger_cam

Category: Analysis

Post by: TheBitTimes.com