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- The total value locked (TVL) in the Solana ecosystem increased by 2.2% over the day, reaching $294.6 million.
- Sales volume for Solana NFTs experienced a rise of more than 38% in the last 24 hours.
Solana (SOL), often referred to as the “Ethereum-Killer” cryptocurrency, surged over 10% in the past 24 hours, trading at $22.40 at the time of this report. In contrast, Bitcoin and Ethereum experienced brief but notable increases—each under 10%—in the same timeframe.
During the day, Bitcoin (BTC), the largest cryptocurrency by market capitalization, exceeded $30,000 with a 24-hour price increase of 6.25%. Meanwhile, Ethereum (ETH) rose by over 3.4%, trading above $1,900.
Solana 1D Price Chart (TradingView)
According to the chart above, Solana formed a price candle above the 50-day moving average, confirming its bullish trend. Additionally, the chart indicated that the relative strength index (RSI) for SOL was at 60. This suggests that SOL is currently neither in an oversold nor overbought condition. Should the RSI exceed 70, it would indicate an overbought situation with potential sell signals.
Importantly, Solana’s significant price increase is accompanied by a substantial rise in SOL’s trading volume. According to CoinMarketCap, the 24-hour trading volume surged by 333%. At the time of writing, there were 391,697,821 SOL in circulation, contributing to a market capitalization of $8.7 billion, which increased by 11.25%. However, at the time of this report, this cryptocurrency remains nearly 91% lower than its all-time high of $260.06 recorded in November 2021.
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Solana’s NFT-related Updates
There is speculation that the recent price increase is linked to existing and forthcoming NFT-related enhancements within the Solana ecosystem. Firstly, the network is introducing state compression. This method primarily utilizes Merkle trees to store on-chain data in smaller segments through direct integration with the Solana ledger. Specifically, this reduces the cost of minting NFTs by 2,400 to 24,000 times. For instance, the cost of minting 1 million NFTs prior to compression would be $250,000, whereas after compression, it would drop to $110.
Secondly, the much-anticipated launch of Solana’s Web3 mobile device, “Saga,” is set for April 13. Notably, users are excited about the NFT minting application that will enable them to mint NFTs directly from this phone.
Additionally, a significant exchange-related update is on the horizon for Solana. The Singapore-based exchange Crypto.com initiated on-chain staking for SOL on Monday. According to Solana Explorer, approximately 392.3 million SOL are currently part of the active stake.
Several Web3 protocols have launched and facilitated integrations between Solana and other blockchain ecosystems. Notably, Injective and Eclipse have supported the integration of Solana’s Sea Level Virtual Machine (SVM) with the Cosmos and Polygon ecosystems, respectively.
All these upgrades and launches are considered key factors contributing to the altcoin’s price increase. In addition to SOL, other altcoins have also seen significant 24-hour price gains—Render Token (RNDR) at 16.84%, Conflux (CFX) at 13.86%, Stacks (STX) at 11.23%, and Injective (INJ) at 10.76%.
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