Patrick

Solana

<ul>
 <li><em>Solana recorded a surge in interest in its NFTs</em></li>
 <li><em>SOL’s price fell on the charts on the back of development activity plummeting</em></li>
</ul>
<p><a href="https://eng.ambcrypto.com/search/solana" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Solana’s [SOL]</a> ecosystem finally saw a resurgence after a lot of ups and downs over the past year. In fact, a significant portion of this attention towards its ecosystem was driven by NFTs on the Solana network.</p>
<h3 id="nfts-on-the-rise">NFTs on the rise</h3>
<p>Over the last two days, the number of unique Solana NFT buy wallets has exceeded 12,000 each day. This marks a significant milestone, with a ratio that is&nbsp; &gt;60% higher than unique ETH NFT buy wallets, hitting an all-time high for this metric.</p>
<blockquote class="twitter-tweet">
 <p dir="ltr" lang="en">In each of the past two days, there have been 12k+ unique Solana NFT buy wallets.</p>
 <p>This is more 60% higher than unique ETH NFT buy wallets, an all-time high for that ratio. <a href="https://t.co/l53UXWWyWt" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/l53UXWWyWt</a></p>
 <p>— NFTstats.eth (@punk9059) <a href="https://twitter.com/punk9059/status/1734057436313731088?ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">December 11, 2023</a></p>
</blockquote>
<p>The surge in unique Solana NFT buy wallets, surpassing those on ETH, indicates growing interest and adoption of NFTs on the Solana blockchain. This increased activity could positively impact the Solana ecosystem by attracting more creators, developers, and users to leverage the platform for NFT-related activities.</p>
<p>Higher engagement also suggests potential opportunities for decentralized applications (DApps) and projects built on Solana, contributing to the overall vibrancy and expansion of Solana’s blockchain.</p>
<h3 id="defi-activity">DeFi activity</h3>
<p>Additionally, the volume on Solana’s decentralized exchanges (DEX) has consistently hit new peaks over the last three days, marking successive all-time highs. This notable trend underscores a robust and growing trading activity on Solana, reflecting increased user participation and liquidity within the decentralized finance (DeFi) ecosystem on the Solana blockchain.</p>
<blockquote class="twitter-tweet">
 <p dir="ltr" lang="en">This is crazy. Every one of the past 3 days would have been an all-time high in Solana DEX volume before this week. <a href="https://t.co/FGitAeTnsN" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/FGitAeTnsN</a></p>
 <p>— Patrick Scott | Dynamo DeFi (@Dynamo_Patrick) <a href="https://twitter.com/Dynamo_Patrick/status/1733959208427524311?ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">December 10, 2023</a></p>
</blockquote>
<p>Due to these factors, the number of daily active addresses on the Solana network grew too. However, the number of transactions happening on the network fell.</p>
<div id="attachment_358246" style="width: 100%" class="wp-caption aligncenter"><a href="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Screenshot-2023-12-11-at-1.23.26-PM.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-358246" decoding="async" class="wp-image-358246 size-full" src="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Screenshot-2023-12-11-at-1.23.26-PM.png" alt="" width="2222" height="942" srcset="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Screenshot-2023-12-11-at-1.23.26-PM.png 2222w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Screenshot-2023-12-11-at-1.23.26-PM-300x127.png 300w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Screenshot-2023-12-11-at-1.23.26-PM-1024x434.png 1024w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Screenshot-2023-12-11-at-1.23.26-PM-768x326.png 768w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Screenshot-2023-12-11-at-1.23.26-PM-1536x651.png 1536w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Screenshot-2023-12-11-at-1.23.26-PM-2048x868.png 2048w" sizes="(max-width: 2222px) 100vw, 2222px"></a>
 <p id="caption-attachment-358246" class="wp-caption-text">Source: Artemis</p>
</div>
<h3 id="where-s-sol-at-on-the-charts">Where’s SOL at on the charts?</h3>
<p>Here, it’s worth noting that the price of SOL did not see any positive momentum. At press time, SOL was trading at <span class="body-1 mrg-s mrg--l mrg--r">$68.67 and its price fell by </span>-4.75% over the last 24 hours alone. The volume at which SOL was trading also fell massively during that period.</p>
<p style="text-align: center;">Read&nbsp;<a href="https://ambcrypto.com/predictions/solana-price-prediction" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Solana’s [SOL] Price Prediction</a>&nbsp;2024-2025</p>
<p>Coupled with the same, development activity on Solana fell. This meant that the number of GitHub contributions made by these developers declined. New updates and updates that are supposed to happen on the Solana network could be affected due to this.</p>
<div id="attachment_358250" style="width: 100%" class="wp-caption aligncenter"><a href="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Solana-SOL-13.36.29-11-Dec-2023.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-358250" decoding="async" class="wp-image-358250 size-full" src="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Solana-SOL-13.36.29-11-Dec-2023.png" alt="" width="2560" height="867" srcset="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Solana-SOL-13.36.29-11-Dec-2023.png 2560w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Solana-SOL-13.36.29-11-Dec-2023-300x102.png 300w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Solana-SOL-13.36.29-11-Dec-2023-1024x347.png 1024w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Solana-SOL-13.36.29-11-Dec-2023-768x260.png 768w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Solana-SOL-13.36.29-11-Dec-2023-1536x520.png 1536w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Solana-SOL-13.36.29-11-Dec-2023-2048x693.png 2048w" sizes="(max-width: 2560px) 100vw, 2560px"></a>
 <p id="caption-attachment-358250" class="wp-caption-text">Source: Santiment</p>
</div>

Assessing the interest in Solana’s ecosystem, NFTs

Table of Contents

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