Over the past few years, Solana has established itself as a leader in decentralized finance (DeFi), and non-fungible tokens (NFT). As it provides faster and less expensive transaction options, its growth has made it one of the biggest contenders for Ethereum’s leading smart contract network. In light of these, its transaction count has rapidly increased and the cryptocurrency now stands at an important milestone.
Nearly 100 Billion Transactions
Solana, which has been around for just two years, is quickly rising in popularity among crypto investors. Solana’s total transactions count (TPS) is on average 3,000 per second. It can be described as a running mate.
At the moment, 97.1 million transactions are recorded on the network. At the time of writing this report, it was 97.1 billion. Given that the number was around 96 billion on Thursday, Solana’s transaction count is growing at around 1 billion per day. The network would reach the 100 billion mark at this rate before the weekend ends.
For context, at the moment the daily transaction count for Ethereum is just above 1 million. This is 13 TPS. Ethereum will reportedly be able to process 100,000 transactions per second with the upgrade to ETH proof-of-stake, however, for now it is still behind Solana and other competitors in terms speed and capacity.
Solana Plans to Expand
The cryptocurrency market has seen impressive growth in the past day. Solana saw a more impressive 7% increase in its price over the 24-hours to reach $35. But, even that point isn’t the greatest for cryptocurrency.
SOL currently sits over its 20-day moving median. This has allowed for selling pressure to begin to ease. Digital assets have room to support $35 at this level and aim to reach $40.
SOL breaks above $35 | Source: SOLUSD on TradingView.com
Solana’s growth in other aspects besides its transaction count is also working to prop up its price. The growth in NFT trading via the blockchain is the most notable. Magic Eden, the largest NFT market on Solana is rapidly catching up to OpenSea.
OpenSea has seen a total of 144,588 unique traders in the last seven days. Magic Eden had 101,349 unique traders. DeGods, Okay Bears, and Yoots are all popular collections that have increased the demand for the blockchain.
The biggest factor in the recovery of SOL has been its demand for digital assets for trading. SOL will likely reach $40 if the momentum continues.
Featured image taken from CNBCTV18. Chart by TradingView.com
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