SOL colleagues might consider not giving up
Like the rest of the market, Solana crashed on May 9th, trading at the same all-time high as in May 2021. The many ecosystem activities surrounding Solana, on the other hand, are trying to displace the bearish narrative. First off, one of Solana’s key strengths, NFTs, received massive support from Meta on May 8 when the social media company announced that Instagram would allow Solana NFTs on the platform, with plans to do the same on Facebook shortly to implement.
The news has made more waves than expected because the Twitter NFTs connection restricts Ethereum-based NFTs, which has disappointed many people in the NFT sector.
Solana NFTs have generated over $463.4 million in transaction volume in the past four months alone, with over 637,000 traders as of September 2021. Second, Solana has become one of the few assets pledged as collateral to Anchor, the second largest lending protocol in the world , have been added. Additionally, the DeFi platform will allow SOL as collateral (packaged as stSOL on Terra), allowing users to access secured loans and ANC benefits.
Despite the current UST de-pegging fiasco, this was a significant achievement for Solana fans. Such changes have also made Solana a favorite asset for institutional investors.
For the first time in four weeks, assets saw inflows of around $40 million for the week of May 6, with Solana outperforming those inflows for cryptocurrency. Additionally, as the only support other than Bitcoin, Solana has significant year-to-date inflows for non-primary digital aid. Given the market demand, SOL may not take too long to recover. Additionally, the altcoin was down 12.25 percent the previous day, trading at $62.54 at press time. Solana’s chances of reaching $100 by the end of May 2022 appear bleak.
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