Solana's DeFi performance has struggled, experiencing declining volumes and reduced activity.
However, Solana witnessed growth in NFTs and social engagement, while stakers remain hopeful.network has faced major issues in the past related to downtime, resulting in a loss of trust from many crypto users. However, recent improvements in activity on the protocol offer a glimmer of hope for its resurgence in the market.Despite witnessing increased activity on the Solana network, the protocol has failed to make significant strides in the DeFi space.
According to data from Messari, Solana’s performance has experienced a notable decline over the past few months. This downturn can be attributed to falling volumes in decentralized exchanges operating on the network.indicates a 29.12% decrease in unique active wallets on the protocol in the last month, accompanied by a substantial 34.79% drop in transaction volume.
On the other hand, the protocol has witnessed a surge of interest in blue chip NFTs, indicating potential growth in the NFT sector. Solana Floor’s data reveals a considerable rise in trading volumes for blue chip NFTs, which points to a promising trend within the protocol’s ecosystem.In terms of social engagement, Solana has experienced a significant uptick in mentions and engagements across various platforms. LunarCrush’s data highlighted a 45.6% increase in social mentions and a remarkable 53.
The growing social activity around Solana signifies a heightened interest and attention from users and enthusiasts. However, despite the growing popularity, sentiment around the protocol has taken a negative turn. Data from Santiment indicates a significant decline in weighted sentiment, which aligns with a drop in the price of SOL.