The Solana blockchain is a popular one and has been designed by experts to facilitate the creation of decentralized applications (DApps).
Now, it has been reported that the Solana blockchain has reached a new milestone, which is anticipated to boost the significance of the blockchain and the value of the SOL token.
Solana is one of the best smart contracts-backed platforms, which has also hit an all-time high in terms of NFT (non-fungible token) sales volume.
Let’s find out more details and whether it will positively impact the price of the SOL token.
Meanwhile, if you are interested in buying the SOL token, make sure you take a look at Solana price prediction first and then invest.
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Reasons for Surging NFT Sales Volumes
Solana is believed to be the “Ethereum Killer” as it offers good solutions for security, scalability and decentralized.
In approximately two years, the Solana blockchain has become one of the most prominent ones for NFTs. The current NFT sales volume, as reported, is around $2.35 billion. This is not only a notable milestone for the blockchain but also boosted the price of the SOL token which saw a drop of more than $14 billion in market cap in May.
By the end of October 2021, the sales volume of the blockchain was around $286.4 million. There has been an 83% increase in the sales volume since October, thanks to the increasing number of unique buyers.
According to reports, the number of unique buyers estimated in January 2022 was 153,602. This led to 1,014,963 transactions.
There have been many popular NFTs that have contributed to the high sales volume seen for the Solana blockchain. Some of them include the following:
- Akuma no Neko
- Cosmic Condos
- Infinity Labs
- Meerkat Millionaire Country Club
- Thug Birdz
The price of the Solana token has seen a 77% decrease throughout 2022. After trading as high as $170.31 at the beginning of the year, the token went to a local low of $38.36 a few days ago.
However, the price of SOL has recovered to some extent and is anticipated to surge higher, thanks to the all-time high NFT sales volume.
SOL is currently trading at $43.14 (at the time of writing). Here is a graph by CoinMarketCap that shows the price of Solana over the last seven days.
If you are also interested in buying the altcoin then make sure you take time and opt for the best crypto exchange to buy Solana.
What Should New Crypto Investors Know?
Crypto investors who are new to the crypto space should be familiar with a few important aspects before they begin buying digital currencies. Having as much information as possible about the crypto space, buying and trading are important and helpful for beginners. This can help them avoid unnecessary challenges and potential risks as well.
Therefore, if you are interested in buying any crypto asset for the first time, make sure you know and follow the tips mentioned here.
- Choose a suitable exchange that is secure and matches your criteria and requirements.
- Keep an eye out for the price movement of the cryptocurrency you want to buy.
- Know the right time to invest.
- Start by initially investing as much as you can afford to lose.
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