Solana [SOL] outperformed Ethereum [ETH] in this aspect

Solana [SOL] once again outperformed the king of altcoins, Ethereum, in the NFT space by registering massive growth in terms of total NFT sales in the last month.

It managed to grow by more than 100%, while Ethereum registered a negative 18% growth during the last 30 days. Apart from Ethereum, other popular chains like BNB and Polygon also displayed negative growth.

Here’s AMBCrypto’s Price Prediction for Solana (SOL) for 2023-24

✨ Top Blockchains by NFT Sales Growth Last 30D#ETH @ethereum -17%#SOL @solana +100% 🚀🚀🚀#FLOW @flow_blockchain +36%#IMX @Immutable +112%#BNB @binance -26% pic.twitter.com/BPpp4aECkz

— Solana Daily (@solana_daily) October 12, 2022

Not only this, but CryptoDep, a popular Twitter handle that posts about crypto updates, mentioned that SOL was also on the list of cryptos that were trending on CoinGecko on 12 October.

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⚡️Trending Searches by @CoinGecko
12 October 2022$MNGO $MNTL $LUNA $APE $GMX $MATIC $ATOM $HT $SOL $NEAR #NEAR pic.twitter.com/fw0H8zJEoj

— 🇺🇦 CryptoDep #StandWithUkraine 🇺🇦 (@Crypto_Dep) October 12, 2022

Though both of these developments looked quite promising, nothing seemed to reflect on SOL’s chart as it was mostly painted red.

CoinMarketCap’s data revealed that SOL was one of the worst performers among the top 10 cryptos in terms of market capitalization as it registered more than 10% negative weekly gains.

At the time of writing, SOL was trading at $30.61. A potential reason for this performance depreciation could be the most recent hack of Mango, a DeFi project on Solana.

By manipulating Mango’s collateral, the hackers received a significant number of loans from the company’s treasury, potentially causing a loss of over $100 million. Interestingly, SOL’s on-chain metrics also revealed that things were worse than they looked.