April is always a special month in the cryptocurrency market, with April being one of the least active months for trading we see. This means that not only is it easy to find sideways markets, but there are also opportunities to make some money by buying low and selling high.
The “solana 12 month forecast” is a monthly analysis of the Solana project. The project is a decentralized, peer-to-peer and open source blockchain platform that focuses on scalability and speed.
The Solana brand has had a string of wins this month, starting with its recent entry on Robinhood. Terra Bridge has also announced that it will support Solana and other crypto tokens. Maple Finance, a capital markets firm, announced this week that it has expanded into Solana. Before the end of the year, the institutional capital market expects its Solana app to have $300 million in liquidity.
Solana Ventures has partnered with Yield Guild Games to promote blockchain gaming in Southeast Asia.
While Solana’s native token was not the best-performing cryptocurrency on the market this month, it did well in a bleak environment. Here’s a rundown of Solana’s performance over the month:
Market indicators
Market capitalization
Solana’s circulating value surpassed $46 million in the first week of April — a point the network hadn’t reached since January 17. By the middle of the month, however, it had fallen back to its late March level. Solana printed a monthly high market cap of $46.35 billion on April 4, before dropping to a monthly low of $32 billion on April 18. The recovery has been virtually static since then. At the time of writing, Solana has a market cap of $32.35 billion and is the sixth largest asset by this measure.
The offer is circulated.
The offer is distributed. of SOL at the beginning of the month was 325,254,900 tokens at $134.50 against the dollar.
While the price has fallen, the supply is being circulated. continued to rise towards the end of the month. Currently, SOL is trading at $88.95 as the supply spreads. rose to 334,403,259 SOL.
Account Stats, Tokens and Transactions
Daily transactions without voting rights
On the last day of April, the total number of transactions on Solana was 71,622,993,538. In April, only 11.64 percent of all transactions were marked as non-voting.
The number of non-voting transactions on a daily basis showed a series of dips and peaks in April. At the beginning of the month, there were 18.26 million non-voting transactions. This figure fell rapidly in the first few days of the month and on April 9, it hit the lowest daily count of the month – 6.53 million transactions.
Then, on April 15, that number rose to a monthly high of 21 million, more than double the previous month’s low. Three days later it fell to 11 million, but on April 21 and 22 it rose to 20 million. On the last day of the month, only 8 million non-voting transactions were registered.
Active wallets and new token accounts are added daily.
In April, the number of daily active wallets on Solana – each of which can be linked to multiple token accounts – steadily increased. The only exception was a one-day decline on April 20.
Solana has 626,830 active wallets on April 1. After April 7, when there were 497,460 active portfolios, the figure reached a plateau and moved sideways before rising. The upward trend continued until April 20, when there was a sharp decline. The next day the market recovered and growth resumed towards the end of the month. According to the most recent count, there were 829,330 active wallets on April 31.
Coins
The Solana Program Library (SPL) is a token standard on the Solana blockchain that implements a common implementation for fungible and non-fungible Solana tokens (NFTs).
SPL tokens are added to the system daily (excluding NFTs)
In April, Solana witnessed the highest number of daily new SPL tokens of the year. This measure started the month with 154 tokens and reached 397 on April 14. On April 10, there were only 68 new SPL tokens on the network, which was the lowest number of the month.
NFTs are added daily.
The number of new non-fungible tokens (NFTs) issued on Solana hit a year-to-date record last month, on par with new SPL tokens. On April 8, 98,510 NFTs were generated on the chain, the most since December 28. This year’s high came after a low of 41,020 on April 6.
SPL token transfers on a daily basis (including NFTs, excluding packaged SOL)
During the month, the number of daily SPL token transfers increased. It declined slightly in the beginning, from 4.77 million (519,570 active token accounts) on April 1 to 3.12 million (380,860 active token accounts) on April 9 – the lowest level of the month. On April 24, this metric hit a monthly high of 4.96 million token transfers after a sustained day-to-day rise.
SOL transfers on a daily basis (including SOL and packaged SOL)
During the month of April, the total number of SOL and wrapped SOL transfers dropped significantly. On the first day of the month, there were 5.14 million such transactions. This figure declined steadily throughout the month, before rising again after a dip to 2.02 million transactions on April 9. On the last day of the month, 1.79 million transactions were recorded, the lowest number since April.
Statistics for networks
Non-voting transactions incur daily network charges.
Users who transact without voice paid a total of 74,074 SOL in fees. The lowest one-day fee for successful non-voting transactions was 36.79 SOL on April 9, while the maximum network fees for successful non-voting transactions was 121.48 SOL on April 15. last month. The daily results remained below the lowest depreciation of the month at 105.63 SOL on March 27.
Daily active voting accounts
The total number of active voting accounts on a daily basis has steadily increased day by day. This trend continued in April. As of April 1, there were 1,668 active voting accounts, a figure that increased over the month to 1,752 on April 29. In total, there were 89 additional accounts during the month.
Achievements in DeFi
Fixed Market Share and Total Value (TVL)
Solana remained in fifth place among the leading chains, despite declining market share. On April 1, the chain had a market share of 3.47 percent. On April 30, it gradually fell to 3.16 percent.
Since December, when it had about 5% of the market share, it has fallen to the current stats. In comparison: at the end of March, Solana had a market interest rate of 3.42 percent.
Solana’s Total Value Locked (TVL) only rose significantly in April, at the beginning of the month. The TVL was $7.75 billion on April 1. The next day, it hit a monthly high of $8.18 billion. Since then, the only way down has fallen, reaching $6.34 billion on April 27, its lowest for the month.
The top-performing protocols of the Solana DeFi ecosystem were responsible for the overall decline in the total value locked in. Only one of the top 10 companies showed positive TVL growth on the last day of the month: Orca ($420 million in TVL), which was up 8.45 percent over the past 30 days.
Serum, which was rated fourth at the time, took the hardest hit, falling more than 55 percent. The TVL of the two most popular protocols, Solend and Marinade Finance, fell by 25% and 36% respectively.
Visit our Investing in Solana guide to learn more about the area.
The “is solana a good investment 2021” is an article on the Solana Monthly Analysis for April 2022. The article provides investors with a roadmap to the future of the project and how it will be affected by technological advancements.
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