- Messari recently tweeted the key points from their latest Solana analysis.
- The analysis shows that the SOL network experienced network growth over the last quarter.
- At press time, SOL’s price is down more than 4%, according to CoinMarketCap.
The blockchain intelligence firm Messari (@MessariCrypto) tweeted yesterday regarding Solana (SOL). In the tweet, Messari shared some of the key points from a recent report compiled by one of their analysts for Q1 2023.
The first key point from the report is that the market cap for SOL rebounded over the last quarter. The tweet added that the Ethereum-killer’s market cap has increased by approximately 118.1% since the end of the previous quarter.
Secondly, the Total Value Locked (TVL) for SOL denominated in USD increased by approximately 23.5%. The last key point from the report is that the number of NFT sales denominated in SOL increased by 19.3% — reaching new all-time highs.
At press time, the price of SOL stands at $21.22 according to CoinMarketCap. This is after the altcoin’s price dropped 4.24% over the last 24 hours. Solana will also want to move on from the last 7 days as the ecosystem’s native token has fallen nearly 16% over the past week.
SOL was, however, able to reach a 24-hour high of $22.22, but is currently trading closer to its daily low of $21.07. Daily trading volume for the altcoin has risen 32.81% and currently totals $357,453,241.
The altcoin was also outperformed by the two market leaders Bitcoin (BTC) and Ethereum (ETH) in the last 24 hours. Currently, SOL is down 2.49% against BTC and 2.19% against ETH. As a result, 1 SOL is worth approximately 0.0007806 BTC and 0.01157 ETH.
At press time, SOL’s price is seeking support from the key price level at $21. This level is the altcoin’s last hope before it drops down to the next key support level at $18.70 in the coming week.
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