On a weekly basis, SOL rose 9.14%, driven by numerous positive developments in the ecosystem. Interest in SOL in the derivatives market increased, reflected in a strong increase in open interest.
Solana [SOL] was one of the top gainers in the crypto market right now, posting a 24-hour gain of 3.29%, according to CoinMarketCap. On a weekly basis, the coin rose 9.14%, buoyed by numerous positive developments in the ecosystem.
One of the biggest was the helium migration. [HNT] to the Solana mainnet, marking one of the biggest transitions in the history of the decentralized network. Besides, the launch of the first-of-its-kind real-time carbon emissions tracking portal also added bullish momentum to SOL. The positive momentum could continue for longer as another important partnership is forged.
It’s a ‘Master’ Deal
Payment giant Mastercard announced an alliance with major Blockchain companies, including Solana, to create a new set of standards, dubbed the Crypto Credential. Through an official statement, Mastercard said that Crypto Credential will build an industry-wide set of standards and infrastructure to ensure trusted interactions between customers and businesses using Blockchain networks.
The payments company added that the new set of standards will also provide the necessary enabling technology to help bring more use cases to life. On April 28, Mastercard tweeted the following:
“At Consensus23, we announced how we are instilling trust in the Blockchain ecosystem through Mastercard Crypto Credential. With crypto wallet providers Bit2Me_Global, LiriumAG, MercadoBitcoin, and UpholdInc and public Blockchain network organizations AptosLabs, avalabsofficial, 0xPolygonLabs, SolanaFndn, we’re collaborating to enhance verification in NFTs, ticketing, enterprise, and other payments solutions.”
Deciphering Solana’s Chain Activity
News of the collaboration showed immediate results as the number of active users on the Solana network increased by 4% in the last 24 hours, according to Token Terminal. Although, it should be noted that on a weekly basis, the user base has contracted by 9%.
However, user growth did not provide a significant boost to transaction volume. This led to the transaction fees collected on the network decreasing by 0.8% in the last 24 hours.
Meanwhile, NFT activity has picked up speed over the past week. NFT sales worth more than $28 million were settled on-chain, representing a marginal increase of 0.41%, CryptoSlam data revealed. There was a strong increase in the number of buyers and sellers, increasing by 43.92% and 26.29% respectively.
A possible explanation for the increase could be the recent release of the ChatGPT plugin, which allows users to purchase NFTs through the ChatGPT UI.
Demand for SOL Derivatives Soars
Interest in SOL in the derivatives market increased, reflected in a sharp rise in open interest (OI), Coinglass data showed. SOL’s OI rose 13.54% over the last 24 hours to reach $295.56 million at press time.
The OI has risen 22% over the last week and, combined with the price increase, signaled bullish momentum.
By Audy Castaneda
