Solana’s network activity stats in Q2 can help you in your trading

Solana, home to leading projects such as Serum, Mango Markets, StepN, Magic Eden, and Star Atlas, has seen tremendous ecosystem growth over the last month.

As network activity increases, from mood Showing the past three months has been characterized by a 105% spike in social media mentions for the network and a 170.94% spike in social engagements.

Following the recent release of the y00ts NFT project, Solana Record The daily NFT volume was 344,000 SOL, the highest daily volume since the all-time high in May.

Given last month’s growth, let’s assess how the network performed last quarter.

Solana in the second quarter

in a new Reportblockchain analytics platform Nansen provided insights into Solana’s performance in the second quarter of this year (April 1-June 30).

According to the report, Solana saw an increase in activity on the network during the review period. Active accounts on Solana increased from 400,000 at the beginning of April to around 1 million at the end of May.

Additionally, daily active accounts on the network fluctuated between 600,000 and 1 million during the period under review. Solana had more than 1.1 million daily active accounts as of June 30.

Source: Nansen

Solana also saw an increase in daily transaction volume during the 91-day period under review. According to Nansen, the largest transactions on Solana during the quarter were voting transactions, totaling about 100 million to 200 million transactions per day.

While other types of transactions declined in early April, they increased from mid-month to the end of the quarter.

Source: Nansen

Nansen further found that in the last quarter, Solana recorded more daily transaction volume than Ethereum.

While Solana’s daily transaction volume recovered during the period under review, “Ethereum’s daily transaction volume was relatively stable throughout the quarter, hovering around 1 million+ transactions.”

Source: Nansen

The price of SOL fell 74% as the Terra crash led to a drop in the overall cryptocurrency market this quarter, data from Coin market value disclose.

This price drop caused users to pay less gas to process transactions on Solana in the second quarter. According to Nansen,

“Daily gas prices paid on Solana fluctuated wildly from the beginning of the quarter to mid-May, eventually stabilizing in the $5-9,000 range.”

SOL in Q3 so far

At press time, the 9th largest cryptocurrency, SOL, was priced at $32.23. During the quarter, SOL peaked at $47.64 on Aug. 13. Since then, its price has fallen 33%.