Solana Monthly Analysis – April 2022

April is always a peculiar month in the cryptocurrency market, with April being one of the least active months for trading that we see. This means that it’s not only easy to find sideways markets but there are also opportunities to make some money through buying low and selling high.

The “solana 12 month prediction” 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 victories this month, beginning with its recent listing on Robinhood. Terra Bridge also announced that Solana and other crypto tokens will be supported. Maple Finance, a capital markets business, announced this week that it has expanded to Solana. Before the end of the year, the institutional capital marketplace believes that its Solana app will have $300 million in liquidity.

Solana Ventures has established a cooperation with Yield Guild Games in order to promote blockchain gaming in Southeast Asia.

While Solana’s native token wasn’t the best-performing cryptocurrency in the market this month, it did well in a gloomy environment. Here’s a breakdown of Solana’s performance throughout the course of the month:

Market Indicators

Capitalization of the market

The circulating value of Solana surpassed the $46 million mark in the first week of April – a mark the network hadn’t touched since January 17. However, by mid-month, it had fallen back to levels seen towards the end of March. Solana printed a monthly high Capitalization of the market of $46.35 billion on April 4 before descending to a monthly low of $32 billion on April 18. The recovery has since been pretty much static. At the time of writing, Solana has a market cap of $32.35 billion and ranks as the sixth-largest asset by this metric.

Supply is circulated.

The Supply is circulated. of SOL at the start of the month was 325,254,900 tokens at $134.50 against the dollar.

Solana Monthly Analysis – April 2022

While the price declined, the Supply is circulated. sustained a rising trajectory towards the end of the month. Currently, SOL is trading at $88.95, while the Supply is circulated. has increased to 334,403,259 SOL.

Account Metrics, Tokens, and Transactions

Non-vote transactions on a daily basis

On the final day of April, the total number of transactions on Solana was 71,622,993,538. In April, just 11.64 percent of all transactions were flagged as non-vote.

The number of Non-vote transactions on a daily basis traced a series of troughs and peaks across April. At the start of the month, there were 18.26 million non-vote transactions. This figure rapidly dropped in the first few days of the month and, on April 9, dug out the lowest daily count across the month – 6.53 million transactions.

Following that, on April 15, this number soared to a monthly high of 21 million, more than double the previous month’s low. Three days later, it dipped to 11 million, but on April 21 and 22, it climbed to 20 million. Only 8 million non-vote transactions were registered on the final day of the month.

Solana Monthly Analysis – April 2022

Active wallets and new token accounts are added on a daily basis.

In April, the number of daily active wallets on Solana – each of which might be linked to several token accounts – rose steadily. The lone exception was a one-day drop on April 20.

Solana has 626,830 active wallets as of April 1st. After April 7, when there were 497,460 active wallets, the figure plateaued and went sideways before increasing. The upward trend continued until April 20, when there was a sharp drop. The next day, the market recovered, and growth resumed by the end of the month. According to the most recent census, there were 829,330 active wallets as of April 31.

 

Tokens

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 on a daily basis (excluding NFTs)

In April, Solana witnessed the largest amount of daily new SPL tokens of the year. This measure began the month at 154 tokens and reached 397 on April 14. On April 10, there were just 68 new SPL tokens on the network, which was the lowest amount of the month.

NFTs are added on a daily basis.

The amount of new non-fungible tokens (NFTs) issued on Solana hit a year-to-date high last month, similar to 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 6th.

Solana Monthly Analysis – April 2022

SPL token transfers on a daily basis (including NFTs, excluding wrapped SOL)

Over the course of the month, the number of daily SPL token transfers increased. It fell somewhat in the early days, 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 month’s lowest level. On April 24, this statistic reached a monthly high of 4.96 million token transfers following a prolonged day-by-day climb.

SOL transfers on a daily basis (including SOL and wrapped SOL)

During the month of April, the overall number of SOL and wrapped SOL transfers dropped significantly. There were 5.14 million such transactions on the first day of the month. This figure declined steadily throughout the month, only to rise after a dip to 2.02 million transactions on April 9. On the final day of the month, 1.79 million transactions were registered, the lowest number since April.

Metrics for Networks

Non-vote transactions incur daily network costs.

Users who engage in non-vote transactions have paid a total of 74,074 SOL in fees. The lowest single-day charge for successful non-vote transactions was 36.79 SOL on April 9, while the maximum network fees for successful non-vote transactions was 121.48 SOL on April 15. April, in particular, had a substantially stronger fee performance than the previous month. The daily results remained below the lowest charge of the month, which was 105.63 SOL on March 27.

Solana Monthly Analysis – April 2022

Active voting accounts on a daily basis

The total Active voting accounts on a daily basis have consistently increased by the day. The said trend continued in April. On April 1, there were 1,668 active vote accounts, a figure which increased over the month, reaching 1,752 on April 29. Overall, there were 89 more accounts across the month.

Performance in DeFi

Locked Market Share and Total Value (TVL)

Solana remained in fifth place among the leading chains, despite a declining market share. On April 1, the chain had a 3.47 percent market share. On April 30, it has progressively declined to 3.16 percent.

Since December, when it had roughly 5% of the market share, it has been falling to the present statistics. To put things in perspective, at the end of March, Solana had a market rate of 3.42 percent.

Solana’s Total Value Locked (TVL) only increased significantly in April, early in the month. The TVL was at $7.75 billion as of April 1. It hit a monthly high of $8.18 billion the following day. Since then, the only way down has been down, with the amount reaching $6.34 billion on April 27, the lowest for the month.

Solana Monthly Analysis – April 2022

The Solana DeFi ecosystem’s best-performing protocols were responsible for the overall decline in total value locked in. Only one of the top 10 companies showed positive TVL growth as of the final day of the month: Orca ($420 million in TVL), which had increased 8.45 percent in the previous 30 days.

Serum, which was rated fourth at the time, took the worst hit, dropping by 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 about 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 impacted by technological advancements.

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