Solana Exceeds $2B in NFT Sales; Should You Buy SOL?

  • Solana hits another milestone despite disturbed NFTs markets.
  • Solana network had total sales reaching $2.35 billion in June 2022.
  • SOL’s price could touch $50 after an upgrade to avoid network outages.

Solana is a blockchain network known for its efficiency plus high speed. Users utilize the SOL coin to pay transaction charges within the SOL/USD ecosystem. Meanwhile, Solana has flourished as a leading platform supporting NFTs and Dapps since its inception.

$2.35B NFT Sales Record as Growth Catalyst

The past few years had Solana blockchain attracting non-fungible tokens since the platform boasts top-notch security. Moreover, Solana is a decentralized network and provides scalability. Cryptoslam.io data shows Solana recorded $2.35 billion in record-high NFT sales as of 5 June 2022.

Leading NFTs built on the Solana blockchain contributed to the volume surge. They include Solarians, Solsteads, Portals, Thug Birdz, Chainers, Infinity Labs, Akuma no Neko, SolPunks, and Cosmic Condos. Nevertheless, Solana developers halted the platform several times within the past year as the platform encountered multiple outages.

Meanwhile, they have implemented a new upgrade to prevent blockchain halting whenever a similar issue emerges. Solana Status revealed the release on 1 June 2022.

Should You Invest in SOL?

Solana traded at $44.01 on 6 June 2022. The alternative token hit its ATH on 6 November 2021, when it explored the $259 value area. Meanwhile, the past month’s peak was on 5 May, at $94, whereas the lowest mark was the 12 May’s $41.04.

That means Solana exhibited bearishness within the past month, losing approximately 56%. Nevertheless, the blockchain witnessed increased activity in NFTs sales. For now, market players can expect Solana to surge towards $65 before June end.

Solana will likely exhibit bullish tendencies this month. That makes it a worth token on your profile. However, nothing is a guarantee in the cryptocurrency market. The crypto industry remains vital, and the opposite might appear. Interested individuals should avoid massive bets. Moreover, evaluating global market conditions can ensure profitable decisions.

The crypto market displayed bullish actions at this publication, with large-cap cryptos recording impressive gains. The global cryptocurrency market cap saw a 5.17% within the past 24 hours to $1.29 trillion.

Disclaimer: NFTs and Cryptocurrencies are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by our authors (namely Business Voices content) and the views expressed in these types of posts do not reflect the views of this website. Please read our full disclaimer here.

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