How to use SolScan to monitor the cryptocurrency market?

While the cryptocurrency market may seem unpredictable and risky, there are ways to follow the trends to make smarter decisions about your investment strategy. One of the most reliable crypto trackers is SolScan, which allows you to view crypto statistics in real time to keep abreast of all current happenings in the cryptocurrency market.

What is SolScan?

SolScan is a data analysis tool on the Solana blockchain. It is a much loved alternative to Solana’s blockchain explorer, the Solana explorer, which serves as the official explorer of the Solana blockchain. Known for its lightning-fast transactions and supportive developer community, the Solana project is one of the world’s fastest-growing decentralized public blockchain protocols.

A blockchain can be confusing to navigate due to the many different numbers and complex codes, but SolScan makes it much easier to view transaction data on the blockchain. SolScan allows you to monitor everything that happens on the Solana blockchain. Not only can you view transactions on the blockchain, but you can also view tokens, blocks, NFTs, crypto whale activity, and smart contracts.

4 ways you can use SolScan

Solana has undoubtedly made a name for itself as one of the significant additions to the blockchain world. With SolScan you can access all cryptocurrency transactions that are on the Solana blockchain, just like with the Solana Explorer. These consist of wallet addresses and block numbers.

You can also access other useful data about a cryptocurrency, including market cap, supply and transaction per section (TPS) rates using SolScan. While you don’t need an account to use SolScan, it’s helpful to have one if you want to keep track of your trades. You can log into the tool for free with your Solana wallet account.

Now let’s see how to use SolScan.

1. Track transactions

In the Solana network, each transaction is accompanied by a unique signature. The signature is in your smart contract, which is a long string of numbers and letters.

You can use SolScan to track a transaction on Solana. Here is a detailed description of how to track trades with SolScan.

  1. Copy your transaction signature and paste it into the search field.
  2. When you press Enter, SolScan will show the transaction summary, SOL balance change and token balance change.
  3. Check the Summary section to see if the transaction was successful, how long it took and the block number ID. The account balance is displayed on the two Change Balance tabs before and after the transaction.
  4. You can also type your wallet address in the search field and press Enter. You will then be taken to your account page, where you can view all the information related to your wallet, including past transactions, SOL balances, and your other accounts associated with it.

2. Track cryptography and tokens

On SolScan you can search for any cryptocurrency or token, just like in the Solana explorer.

To check the details and status of a coin, enter its name in the search field. As an example, let’s look up the USD currency.

  1. Click on USD Coin (USDC) in the drop-down menu and the overview page will appear. Just like you would find in the crypto statistics tracking apps, here you can find the market cap, current supply, number of holders and other relevant details related to USDC. The USDC trades are the most relevant data in the tab below. Starting with the most recent, this section lists all USDC trades. You can see the amount transferred and the wallet it was sent to. You can even see how much you are being charged.
  2. You can access the account page by clicking on one of these addresses, as we did above. Remember that SOL balances, not USDC, are still displayed. You can use the same steps mentioned above to look up tokens. On the main page, select the Token tab to get a list of available tokens. If you select a token from the list, SolScan will give you an overview similar to the token’s official website.

3. Follow NFTs and DeFi Apps

SolScan has NFT and DeFi dashboards that allow you to view a comprehensive overview of Solana’s NFTs and DeFi applications.

You can access Solana’s NFT collections through SolScan and provide details of all NFT transactions involving Solana. An NFT dashboard will appear when you click the NFT button on the home page. This NFT dashboard contains details about each NFT that Solana sells.

Every NFT collection in the Solana ecosystem is profiled on the dashboard. On this dashboard you will find details about the Solana marketplace of each NFT collection.

4. Follow crypto “Whales”

Tracking the transactions and movements of the largest and wealthiest investors in the industry, otherwise known as “crypto whales,” is a recent trend in cryptocurrency. SolScan can help you with that. After finding the whale’s wallet address, you can access the assets and transaction history of an important whale. In traditional finance, this level of transparency is unheard of.

The whale may have fascinating projects in their portfolio that you can check out to learn more about them before making an investment decision. You can also try using the whale’s transaction history to decide if it’s a good time to buy or sell cryptocurrency.

It is crucial to remember that keeping an eye on crypto whales is not a good investment strategy and is risky. Social media is full of stories of people trying to copy whales’ trading patterns but failing. Therefore, you should only use crypto whale tracking as a small part of your overall investment strategy and decision-making process.

A blockchain explorer is needed for anyone who wants to learn more about and use blockchain. SolScan is a well-known alternative to the official Solana explorer. It converts complex process data into easily readable information. You can use SolScan to view crypto addresses, processes, blocks, smart contracts, tokens, and crypto whale activity. It does not require an account and is free to use. And you can also register and login for better functionality.

SolScan currently serves more than 2.3 million monthly users and 180 million data requests per month. Thanks in part to its integration with other renowned projects, it has become the top explorer within the Solana ecosystem. There are also many upgrades in the works to provide users with better, more personalized and intimate experiences.

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