Solana dropped to a four-month low of $28.35 early in the morning of October 13, falling below $30 again for the first time since June 13 when it traded at $28.19.
While the altcoin is not the only one that has suffered from several other cryptocurrencies including Bitcoin and Ethereum who have painted their charts in the red, SOL is the hardest hit.
However, the crypto was able to cut its losses, and it’s back above the $30 range. At the time of publication, keep track of Koenigku It shows that the asset is trading at $31.36.
Despite the recovery, Solana is still down by 5.9% over the past seven days and is second only to Cardano in terms of losses over the same time period among the top 10 cryptocurrencies by market capitalization.
But despite being hit hard by the price correction, Solana has managed to surpass the king of all altcoins, Ethereum, in a category that might surprise a lot of people involved in the crypto space.
Solana beats Ethereum in NFT space
Solana has increased its sales of non-fungible tokens (NFTs) over the past 30 days by 100%, outperforming other blockchains including Ethereum.
According to data shared on social media by Solana Daily, SOL ranked secondsecond abbreviationwhich puts IMX flat in terms of 1-month NFT sales growth.
– Solana Daily (Solana_Daily) October 12 2022
IMX managed to increase its sales by 112%. Meanwhile, Flow Blockchain managed to record a 36% increase.
Ethereum underperformed in the division, with its sales growth over the period -17%. Binance was another network that saw negative growth of -26%.
In addition, Solana is also included in the top 10 cryptocurrencies according to searches conducted on Coingecko.
Incidentally, it is the only coin among the top 10 cryptocurrencies by market cap that makes the trend list, excluding Bitcoin and Ethereum.
Haunted by Mango Hack
Although Solana was able to score victories over fellow cryptocurrencies in other divisions, his chart remained painted red and was -10% in terms of weekly gains.
One possible reason for this weak offer could be the recent hacking of the Mango DeFi project built on the Solana blockchain.
We will disable front-end deposits as a precaution, and will keep you updated as the situation evolves.
If you have any information, please contact email@example.com to discuss a refund bonus. 2/
– Mango (mangomarkets) October 11 2022
The hackers managed to get a large number of loans from the company’s treasury after exploiting Mango’s collateral. The initial assessment put losses in excess of $100 million.
Additionally, Solana’s development activity last week saw a drop which gave the impression of less efforts from developers to improve the network.
SOL total market cap at $11.26 billion on the daily chart | Featured image from WallpaperAccess, Chart: TradingView.com