- Solana’s community exercise remained excessive in Might
- SOL’s value motion was bullish, however sentiment round it turned bearish
Solana [SOL] has been within the limelight recently owing to its achievements within the NFT ecosystem. Nonetheless, that’s not all, with latest datasets revealing that the blockchain has excelled in yet one more area after it flipped Bitcoin [BTC].
Solana’s excessive community exercise
SolanaFloor, a preferred X deal with, lately tweeted that the blockchain managed to overhaul Bitcoin by way of income generated within the final 24 hours. To be exact, SOL generated $1.65 million in income, whereas BTC generated ‘simply’ $1.5 million.
The explanation behind this efficiency could possibly be Solana’s strong community exercise.
AMBCrypto’s evaluation of Artemis’ data revealed that SOL’s community exercise remained excessive in Might. Not solely did its every day lively addresses climb sharply, however SOL’s every day transactions additionally spiked on 10 Might. Right here, it’s price noting that the identical fell quickly after.
Supply: Artemis
The hike in community exercise helped the blockchain generate extra income. We discovered that SOL’s charges have risen sharply for the reason that starting of Might, permitting its income to additionally develop.
Every little thing within the DeFi house additionally appeared fairly optimistic as its TVL hiked. Moreover, SOL dominated BTC closely by way of community exercise.
Each SOL’s every day transactions and addresses remained significantly larger than these of BTC. The truth is, SOL’s charges remained larger than BTC’s, because the latter’s quantity witnessed a serious drop on 7 Might.
Supply: Artemis
Other than this, SOL has been performing properly within the NFT ecosystem as properly. AMBCrypto had reported beforehand that there was a slight hike in Solana NFT volumes over the past seven days, primarily pushed by prime collections.
SOL stays bullish
Within the meantime, Solana bulls stood sturdy available in the market as its weekly chart remained inexperienced. In line with CoinMarketCap, SOL has appreciated by over 5% within the final seven days. On the time of writing, the token was buying and selling at $163.26 with a market capitalization of over $73.27 billion.
Because of the worth uptick, Solana’s social quantity hiked over the previous couple of days. Nonetheless, it was stunning to see a drop in SOL’s weighted sentiment.
Supply: Santiment
Is your portfolio inexperienced? Try the Solana Revenue Calculator
AMBCrypto then checked SOL’s every day chart to see whether or not this uptrend would proceed. As per our evaluation, SOL’s Relative Power Index (RSI) registered an uptick and appeared to be heading additional away from impartial 50 – Signal of a sustained uptrend.
Nonetheless, the token’s value had touched the higher restrict of the Bollinger Bands – An indication of potential promoting stress.
Supply: TradingView