SOL is one of the biggest gainers in the cryptocurrency market, with a 24-hour gain of 3.29% through this morning. The coin is up 9.14% on a weekly basis due to many positive developments in the ecosystem.
One of the biggest events was Helium’s migration to the Solana mainnet, marking one of the biggest transitions in the decentralized network’s history. Additionally, the launch of a first-of-its-kind real-time carbon emissions tracking portal added bullish strength to SOL.
This positive momentum could continue for a while as another important partnership is formed.
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Payments giant Mastercard has announced a partnership with leading blockchain companies, including Solana, to create a new set of standards called Crypto Credentials.Through an official statement, Mastercard explain Crypto Credential will establish an industry-wide set of standards and infrastructure to ensure trusted interactions between customers and companies using blockchain networks.
The payments company added that this new set of standards will also provide the assistive technologies needed to help enable more use cases.
Decoding Solana’s on-chain operations
The news of the partnership was immediate, with the number of active users on the Solana network up 4% in the past 24 hours, according to Token Terminal. But it should be noted that the weekly user base is down 9%.
However, the growth in the number of users did not significantly drive transaction volume. This resulted in a 0.8% drop in transaction fees collected on the network over the past 24 hours.
Source: Token Terminal
Meanwhile, NFT activity has accelerated over the past week. Data from CryptoSlam shows that more than $28 million worth of NFT sales were paid for on-chain, a slight increase of 0.41%. The number of buyers and sellers has increased significantly, increasing by 43.92% and 26.29% respectively.
One of the reasons behind the surge could be the recently launched ChatGPT plugin, which allows users to purchase NFTs through the ChatGPT user interface.
Source: CryptoSlam
Demand for SOL derivatives soars
The derivatives market has seen increased interest in SOL, reflected in a strong rise in open interest (OI), according to Coinglass. SOL open interest has increased by 13.54% over the past 24 hours, reaching $295.56 million at press time.
The 22% increase in open interest last week, coupled with higher prices, indicates bullish momentum.
Source: Coinglass
- Russia keeps rates on hold for 5th straight time – Japan inflation rises to 3.5%
- Mastercard Partners with Aptos Labs, Ava Labs, Polygon and Solana Foundation to Launch “Crypto Credential”
- If this level is lost, Solana (SOL) price could drop sharply
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According to AMBCrypto
