Solana saw a substantial decrease in revenues during the previous quarter. How will SOL be impacted by this in the future?
has been one of the networks that saw a massive surge in interest over the last few months. Even with this, Solana had some problems in the first quarter of 2024.At press time, the number of daily active addresses on the Solana network had started to decline. Over the last few weeks, the number of daily active addresses on the network fell from 2.4 million to 1.1 million.
This decline in activity on the Solana network can negatively impact the protocol’s ability to generate revenue in the future.In the NFT sector as well, it was seen that Solana was struggling. AMBCrypto’s examination of Solanafloor data revealed that the interest in blue chip Solana NFT collections had declined.
This suggested that users were more interested in other activities such as DEXes or meme coins while interacting with the Solana network. Despite these factors, SOL was doing relatively well in terms of price. At press time, SOL was trading at $151.27 and its price had grown by 4.87% in the last 24 hours.
However, the volume it was trading at had fallen by 34.85% during the same period, which could cause problems for SOL’s price trajectory going forward.Himalay is a full-time journalist at AMBCrypto. A Computer Science graduate, Himalay writes about crypto with a special focus on the latest coin-based updates. He is a fan of gonzo journalism, transgressive fiction, heavy metal, and Manchester United.Subscribe to get it daily in your inbox.
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