The Price of Solana (SOL) increased to $143.50 on 2nd April after a fantastic rally of 82% which has been continuing for 20 days. The reason for this price increase is the new NFT news that is circulating in the market and its bouncing in the market. However, the investors can be easily confused by the decline of 22.7% in the current price.
Price Of Solana Dropped By 20%, Yet DApp Metrics Are Shining
The initiation of the rally happened after Coinbase wallet extended its help for SOL and all other tokens of blockchain that are based on Solana on 18th March. The exchange of crypto also cleared their motive that they want to further develop their partnership with Solana by linking Coinbase Wallet and DApps and NFTs that are hosted on its network.
The integration of OpenSea with the network of Solana is expected by a lot of people and has increased the excitement of the investors. Thus, Ethereum, Klaytn, and Polygon will join with Solana as the options of payment which can be seen in the tab of ‘all chains’ on the rankings page of OpenSea.
The plan to concentrate fully on the markets of NFT was successful and brought positive changes for the SOL as this layer-1 network of blockchain is in third place in the accumulated NFT sales on 6th April. In addition to this, the total data of 30 days portrays that Solana has successfully incurred $216 million of NFT sales.
The primary DApp of Solana started showing signs of weakness in the second half of March as the TVL of the network came below 50 million SOL. However, on the positive side, on 5th April, an alpha version was launched by Neon for the first SOL EVM that would be used for scaling solutions and cross-compatibility. An announcement was made on 7th April that nearly 1.6 million addresses of the network hold an NFT currently.