- Solana’s network activity remained high in May
- SOL’s price action was bullish, but the sentiment surrounding it turned bearish
Solana [SOL] has been in the spotlight lately for its achievements in the NFT ecosystem. But that’s not all: recent datasets show that the blockchain has excelled in yet another domain after the transition. Bitcoin [BTC].
Solana’s high network activity
SolanaFloor, recently a popular X-grip tweeted That the blockchain has managed to overtake Bitcoin in terms of revenue generated in the last 24 hours. To be precise, SOL generated $1.65 million in revenue, while BTC generated ‘only’ $1.5 million.
The reason behind this performance could be Solana’s robust network activity.
AMBCrypto’s analysis of Artemis’ facts revealed that SOL’s network activity remained high in May. Not only did daily active addresses rise sharply, but SOL’s daily transactions also rose on May 10. Here it is worth noting that the same thing happened shortly afterwards.
Source: Artemis
The increase in network activity helped the blockchain generate more revenue. We noted that SOL’s fees have risen sharply since the beginning of May, which means that turnover can also grow.
Everything in the DeFi space also looked quite bullish as the TVL rose. Furthermore, SOL heavily dominated BTC in terms of network activity.
Both SOL’s daily transactions and addresses remained significantly higher than BTC’s. In fact, SOL’s fees remained higher than BTC’s as the latter’s numbers saw a big drop on May 7.
Source: Artemis
Apart from this, SOL is also performing well in the NFT ecosystem. AMBCrypto had reported earlier that there has been a slight increase in Solana NFT volumes over the past seven days, mainly due to top collections.
SOL remains bullish
In the meantime, Solana bulls were strong on the market as the weekly chart remained green. According to CoinMarketCapSOL has risen more than 5% in value over the past seven days. At the time of writing, the token was trading at $163.26 with a market cap of over $73.27 billion.
Thanks to the price increase, Solana’s social volume has increased in recent days. However, it was surprising to see a decline in SOL’s weighted sentiment.
Source: Santiment
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AMBCrypto then checked SOL’s daily chart to see if this uptrend would continue. According to our analysis, SOL’s Relative Strength Index (RSI) registered an uptick and appeared to move further away from the neutral 50 – sign of a continued uptrend.
However, the token’s price had reached the upper limit of the Bollinger Bands – a sign of potential selling pressure.
Source: TradingView