Solana surpasses $2 billion in all-time NFT sales, is SOL worth buying?
- Solana reached a new milestone even despite the decline in the sales of NFTs.
- Combined sales on the Solana network reached $2.35 billion as of June 2022.
- Solana’s price might tag $50 following an upgrade to prevent network outages.
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Solana SOL/USD is a blockchain platform that made a reputation for itself due to its high speed as well as efficiency.
The SOL token is the native cryptocurrency used to pay for the transaction fees on top of the network, and ever since the launch of the project in 2017, Solana has grown into one of the largest projects that facilitate non-fungible tokens (NFTs), among decentralized applications (dApps).
The $2.35 billion in NFT sales milestone as a catalyst for growth
Solana has become the go-to blockchain network for non-fungible tokens (NFTs) throughout the past few years due to the fact that it has solid security, is decentralized, and offers scalability.
As of June 5, 2022, Solana has made $2.35 billion in all-time NFT sales, according to data compiled from cryptoslam.io.
Popular NFTs that are created on top of the Solana network have contributed to this volume increase, such as Cosmic Condos, SolPunks, Akuma no Neko, Infinity Labs, Chainers, Thug Birdz, Portals, Solsteads, and Solarians.
However, the Solana blockchain was also halted several times throughout the last twelve months as the network suffered several outages.
Developers have come up with the release v1.9.28/ v1.10.23 that prevents the Solana blockchain from halting if the same issue, known as durable nonce transaction processing error, occurs again.
This was announced by Solana Status on June 1, 2022.
Should you buy Solana (SOL)?
On June 6, 2022, Solana (SOL) had a value of $44.01.
The all-time high of the Solana (SOL) cryptocurrency was on November 6, 2021, when the token reached a value of $259.96.
When we go over its performance throughout the previous month, Solana (SOL) had its highest point of value on May 5 at $94.3, while its lowest point was on May 12 at $41.04.
Here we can see that the cryptocurrency had a bearish turn, with a decrease in value of $53.26 or 56%.
However, despite this, there was a lot of activity in the sales of non-fungible tokens (NFTs).
With all of this in mind, we can expect the Solana (SOL) cryptocurrency to reach a value of $65 by the end of June 2022.