Solana Nears 100 Billion Transaction Milestone As Price Aims For $40
September 09 2022 - 1:00PM
NEWSBTC
Solana has made a name for itself in the decentralized finance
(DeFi) and non-fungible token (NFT) space over the last few years.
Its growth has seen it become one of the largest contenders for the
leading smart contract network Ethereum, as it presents faster and
cheaper transaction options. Its transaction count had quickly
multiplied in light of this, and now, the cryptocurrency has neared
another important milestone. Almost 100 Billion Transactions With
only two years of operations under its belt, Solana has quickly
grown in prominence among crypto investors. With an average of
3,000 transactions per second (TPS), the total transaction count on
the Solana blockchain is like a runner on steroids. Related
Reading: Terra Classic Jumps Double-Digits, Is It Time To Buy?
Presently, the total transaction count on the network has surpassed
97.1 billion. This was the count as of Friday when this report was
written. Given that the number was around 96 billion on Thursday,
Solana’s transaction count is growing at around 1 billion per day.
This rate would see the network hit the 100 billion mark before the
weekend is over. To put this in perspective, the current
daily transaction count on the Ethereum network is a little over 1
million at 13 TPS. The upgrade to ETH proof of stake will
reportedly allow Ethereum to process 100,000 TPS, but for now, it
continues to lag behind competitors such as Solana in terms of
speed and capacity. Solana Looks To Grow Further Over the
last day, digital assets across the cryptocurrency market have seen
some impressive gains. Solana grew more than 7% in this 24-hour
period to bring its price above $35, but even this point does not
look to be the highest for the cryptocurrency. Since SOL is now
sitting above its 20-day moving average, the selling pressure in
the short term has begun to ease up, giving the digital asset room
to establish support at $35 and target the $40 level from this
point. SOL breaks above $35 | Source: SOLUSD on
TradingView.com Solana’s growth in other aspects besides its
transaction count is also working to prop up its price. Most
notably, the growth of NFT trading on the blockchain. Magic Eden,
the leading NFT marketplace on Solana, is fast catching up to
OpenSea. Related Reading: Bitcoin Detractor Peter Schiff Says
It’s Time To Sell BTC, Here’s Why In the last 7 days, OpenSea saw a
total of 149,488 unique traders, where Magic Eden saw 101,349
unique traders. The popularity of collections, such as Okay Bears,
DeGods, and now Yoots, has also helped to increase the popularity
of the blockchain and bring new demand to the market. This
demand for the digital asset for trading activities has been the
biggest driver of its recovery. If the momentum holds up, then SOL
is likely to test $40 before the weekend is over. Featured image
from CNBCTV18, chart from TradingView.com Follow Best Owie on
Twitter for market insights, updates, and the occasional funny
tweet…
Solana (COIN:SOLUSD)
Historical Stock Chart
From Aug 2024 to Sep 2024
Solana (COIN:SOLUSD)
Historical Stock Chart
From Sep 2023 to Sep 2024