Do you go with SOL? It might be a good idea to consider what is at stake

  • Solana’s transaction fees coincided with development activity
  • Solana also lost interest from stakers

Solana’s transaction fees fell over the past year, according to the report new data with token terminal. Reportedly, after the FTX collapse, $946.66k was collected in fees in the last 30 days. Of this, $473.33k was paid to SOL actors, a figure which decreased by 41.3% in the last year.

This decline in turnover can therefore have a negative impact on SUN.

Read Solana’s [SOL] Price prediction 2023-2024

A lot at stake

In accordance Wagering of rewards, the number of stakers on the network fell by 0.46% in the last month. As of December 3, there were more than 577,000 strikers on the Solana network.

Source: Staking Rewards

Furthermore, Solana‘s development activity decreased significantly toowith crypto protocols such as Cosmos [ATOM]Kusama and Uniswap [UNI] surpass it.

Solana NFTs to the rescue

Amidst all the chaos, Solanas saving grace remained the growing NFT market. From the image below, it can be observed that the volume of Solana NFTs grew significantly despite the bear market.

However, the overall floor price of Solana NFTs fell. Moreover, according to Solana floor, the number of NFT traders fell from 16k to 1.8k in the last three months.

It is only a matter of time if Solana will continue its NFT growth amid all external circumstances and R&D.

Source: solana floor

A quick look at the SOL data

Activity on SUN‘s the network fell massively, along with the network’s transaction numbers. According to data from Dune Analyticsreduced the number of transactions on the network from 42 million to 25 million over the past four months.

Source: Dune Analytics

As of December 3rd, SOL was trading at $13.57, as the price rose 0.20% between December 2nd and 3rd. Additionally, market cap dominance declined significantly over the past seven days, falling by 7.32%. Finally, Solana captured 0.67% of the total crypto market.

However, at press time, SOL was changing hands at $13.45, experiencing a 1.38% decline in the past 24 hours.

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