Solana observed massive volatility in the last quarter. Despite stakers losing interest in Solana, SOL's price showed signs of recovery.
Following the SEC complaint and associated delisting, exchanges including Robinhood revealed their intentions to remove SOL from their platforms. This series of events corresponded with a downward impact on the value of SOL. The prices experienced a decline of 9.2% compared to the broader market’s modest 1.3% increase quarter over quarter .
As the quarter came to a close, Solana stood as the 10th largest crypto asset in terms of market capitalization, amounting to $7.2 billion, according to Messari’s data.In Q1 2023, revenue saw support from higher priority fees paid by users. However, SOL’s revenue experienced a 15.0% decrease in Q2 compared to the previous quarter, primarily due to a decline in the proportion of daily fees paid.
The implementation of priority fees played a crucial role in mitigating the network’s past downtime issues resulting from inefficient transaction processing and discouraging spamming activities. Notably, during Q2, an average of approximately 40% of daily fees were paid by users prioritizing their transactions.
This marked a decline from around 50% in the previous quarter. The reduction in users opting for priority fees contributed to a drop in the network’s average transaction fee and subsequently affected Solana’s revenue.In terms of staking, there was a sharp decline observed on the Solana network. According to Staking Rewards’ data, the number of stakers on the Solana network fell by 21.43% over the course of the last 30 days.
The RSI and CMF for the currency were relatively high, suggesting a bullish future for Solana in the future.
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