In the dynamic world of crypto, change is the only constant. New currencies keep emerging, shining and glowing, then falling and blowing, only to repeat the entire cycle. From the onset of Bitcoin in 2009 to the present day, we’ve seen dozens of crypto options appear and wane.
Launched in March 2020, Solana – known as SOL among trading friends – has proven to be one of the most endurable cryptocurrencies of the 2020s.
Here’s a mid-2024 overview of Solana’s rise up to date, with some projections for Q3 and Q4 2024.
Omniapplicable SOLutions
Having grown and spread as an investment and payment method in the last few years, Solana has become a valid payment method on different websites. Thanks to Solana Pay – a blockchain payment solution based on the Solana cryptocurrency – which can be integrated with Shopify, it’s possible to pay with SOL on some eCommerce websites.
What’s more, most gaming platforms that receive cryptocurrencies allow their players to use this blockchain currency. As described by techreport.com, iGaming websites widely accept Solana, together with many other cryptocurrencies. Its analyst Alan Draper also reports that crypto withdrawals are possible in the shortest time possible, making them user-friendly, practical options for (i)gamers.
Solana is also regularly used for peer-to-peer payments, plus, it also has grand investment potential. An article published by Motley Fool, and shared by Nasdaq, explains that the fees and transactions are still fast and cheap, and there’s a lot room for further growth.
Moving Like SOL
Solana has been a rising star in the bull market in the recent period, especially throughout 2023 and Q1 and Q2 2024. This crypto asset earned more than $26 million only in April, May, and June this year, as its revenue and fees alike saw major growth.
The math says that Solana has grown 42 times during the last and this year. In the first half of 2024, the SOL trading volume came close to $300 million, which is a 7-fold increase year on year.
Also, this cryptocurrency has made the most significant impact on the fields of decentralized finance (DeFi) and non-fungible tokens (NFTs). When we take into account 2023 and 2024, more than 98 million new NFTs have been created using Solana. Only in Q2 2024, the worth of unique NFT purchases and sales was around $2 million.
Based on the above, SOL moves like Jagger, and crypto traders revolve around this currency.
SOL(o) Future Unfolding
In the first few days of July, the sole price of the Solana crypto has dropped a bit, compared to most of June and May 2024. There has been a reported decrease in the blockchain’s daily Solana transactions, fees, and revenue.
Nevertheless, the SOL-related activity in the DeFi sector has remained vivid, making up for the minor shortcomings in the trading area.
From what we can see now, Solana is highly likely to retain the bullish character in Q3 and Q4, mostly thanks to NFT SOL payers. Still, potential traders and investors should take all this with a grain of solt and keep following the trends in the crypto market. That’s the only way to know at every single moment where Solana, Bitcoin, Ethereum, and other crypto assets are headed.
