April 18, 2024

Solana has been among the leading losers following the crypto markets’ bloodbath of August 19. Coinmarketcap data shows the famed ETH killer dropped the highest percentage among the top ten cryptocurrencies by value.

SOL has lost around 21.6% within the previous week amid a sharp reversal in the market. Nevertheless, Solana seems to witness a minor recovery as the altcoin gained nearly 1.75% on its daily price chart. Will this be vital as the alt tries to clime the crypto market cap chart?

The Succeeding Progress

LunarCrush observed SOL’s social engagements within the previous week following the latest market sell-off. The social engagement index presented a mixed reaction from the market players within the past week.

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Solana saw the highest engagements on August 12, hitting levels past 190 million. However, the figure noted massive declines to 115 million on August 14.

Nevertheless, it noted a resurgence by August 19, with engagements hovering at 160M on the charts. Solana News also updated about top-performing decentralized applications on the platform recently.

It showed Gameta, an SOL-based GameFi app, led the pack, boasting 54.4K users. Magic Eden & OpenSea NFT markets on Solana follow with 27.8K & 4.5K users, respectively.

Phantom, one of SOL’s most recognized wallet providers, launched a non-fungible token burning mechanism this week. The functionality allows investors to safely eliminate spam & clean the collectibles tab from within the wallet. Furthermore, users can gain $SOL rewards from that.

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Also, Phantom is developing a phishing alert feature to attract user attention to possibly malicious undertakings. These are the latest efforts by the platform to ensure user protection on the SOL blockchain. TradFi’s cryptocurrency Jump Crypto announced building SOL’s open-source core infrastructure.

The announcement highlighted that Firedancer is a crucial move in scaling the SOL blockchain to global users. Moreover, Jump Crypto revealed plans to propose substantial SOL’s open-source software. It trusts this represents a crucial move in the Solana network’s continued decentralization.

SOL’s Soul

Solana managed to close the week on highs despite the recent price declines. The collaboration with Jump Crypto means a massive coup as it struggles to control its platform outages.

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