December 3, 2023

Solana’s native token, SOL (

Blockchains by NFT sales volumes in USD, 7-day. Source: CryptoSlam

Despite the seven-day average transaction fee on the Ethereum network increasing to the current $7.6, its total weekly NFT volume continues to outpace Solana’s by more than seven times. This data underscores that investors and creators consider factors beyond transaction costs. Nevertheless, Solana maintains a significant position in the market, alongside the leaders, Bitcoin and Ethereum.

Even though SOL price corrected by 5.5% on Nov. 13, it does not necessarily reflect a decline in network activity or reduced demand for leverage longs using futures contracts. However, it does indicate that investors have taken notice of SOL’s seemingly excessive market capitalization compared to its peers. The extent of this correction remains uncertain.