Key Points
- Solana’s network activity has remained high in May, even surpassing Bitcoin in terms of revenue generated.
- Despite a bullish price action, sentiment around Solana has turned bearish.
Solana [SOL] has been making headlines recently due to its success in the NFT ecosystem.
According to recent data, the blockchain has also outperformed Bitcoin [BTC] in another area.
Solana’s Network Activity
A recent tweet from SolanaFloor noted that Solana had generated more revenue than Bitcoin in the past 24 hours.
Specifically, SOL generated $1.65 million in revenue, while BTC generated $1.5 million.
This performance is likely due to Solana’s robust network activity.
Analysis of Artemis’ data showed that SOL’s network activity was high in May, with a significant increase in daily active addresses and daily transactions.
This increased network activity enabled the blockchain to generate more revenue.
SOL’s fees have increased significantly since the beginning of May, leading to a growth in its revenue.
DeFi Space and NFT Ecosystem
The DeFi space also showed positive signs, with its TVL increasing.
Furthermore, SOL surpassed BTC in terms of network activity.
Both SOL’s daily transactions and addresses were considerably higher than those of BTC.
In fact, SOL’s fees were higher than BTC’s, which saw a significant drop on 7 May.
SOL has also been performing well in the NFT ecosystem.
There has been a slight increase in Solana NFT volumes over the past week, mainly driven by top collections.
Despite the price increase, Solana’s social volume has increased in recent days.
However, there has been a surprising drop in SOL’s weighted sentiment.
An analysis of SOL’s daily chart indicates that this upward trend may continue.
SOL’s Relative Strength Index (RSI) showed an increase and seemed to be moving further away from the neutral 50 – a sign of a sustained uptrend.
However, the token’s price had reached the upper limit of the Bollinger Bands, indicating potential selling pressure.
