How to Use SolScan to Track the Cryptocurrency Market

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

What is SolScan?

SolScan is a data analysis tool on the Solana blockchain. It is a very popular alternative to Solana’s blockchain explorer, the Solana explorer that 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 fastest growing decentralized public blockchain protocols in the world.

Navigating a blockchain can be confusing due to the many different numbers and complex codes, but SolScan makes it much easier to view transactional 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 most significant additions to the blockchain world. SolScan gives you access to all cryptocurrency transactions listed on the Solana blockchain, just like Solana Explorer. These consist of wallet addresses and block numbers.

SolScan also lets you access other helpful data about a cryptocurrency, including market cap, supply, and transaction rates per leg (TPS). Although you don’t need an account to use SolScan, it’s useful to have if you want to track your transactions. You can sign up to the tool with your Solana wallet account for free.

Now let’s examine how you can use SolScan.

1. Track Transactions

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

You can use SolScan to track a transaction that you make on Solana. Here is a detailed description of how to track transactions with SolScan.

1. Copy and paste your transaction signature into the search box.
2. When you press Enter, SolScan displays 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 before and after the transaction on the two Balance Change tabs.
4. Alternatively, type your wallet address in the search box and press Enter. You will then be taken to your Accounts page where you can view all of your wallet information, including past transactions, SOL balances and your other accounts linked to it.

2. Track crypto and tokens

You can search for any cryptocurrency or token on SolScan, just like in Solana Explorer.

To check a coin’s details and status, type its name in the search box. Let’s look at the USD coin as an example.

1. Click USD Coin (USDC) in the drop-down menu and the overview page will appear. Just like the apps for tracking crypto stats, here you can find the USDC market cap, current supply, number of holders and other relevant details. The USDC transactions are the most relevant data in the tab below. Starting with the most recent, this section lists all USDC transactions. You can see the amount transferred and the wallet it was sent to. You can even see how much fee is charged.
2. You can access the accounts page by clicking on any of these addresses like we did above. Remember that SOL balances, not USDC, will still be displayed. You can use the same steps above to look up tokens. Select the Tokens tab on the main page for a list of available tokens. When you select a token from the list, SolScan provides you with an overview similar to that on the token’s official website.

3. Track NFTs and DeFi apps

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

You can access Solana’s NFT collections through SolScan and provide details of any NFT trades Solana is involved in. An NFT dashboard is displayed when you click the NFT button on the home page. This NFT dashboard provides details of each NFT that Solana sells.

Each NFT collection in the Solana ecosystem is profiled on the dashboard. This dashboard provides details about the Solana marketplace of each NFT collection.

4. Tracking crypto “whales”.

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

The whale may have fascinating projects in its portfolio that you can learn more about 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 important to remember that monitoring crypto whales is not an appropriate investment strategy and is risky. Social media is awash with accounts of people attempting to copy whale trading patterns but to no avail. As such, you should only use cryptowhale tracking as a small part of your overall investment strategy and decision-making process.

A blockchain explorer is necessary for anyone who wants to learn more about and how to use blockchain. SolScan is a popular replacement for the official Solana Explorer. It transforms 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 to improve functionality.

SolScan currently serves over 2.3 million monthly users and 180 million data requests monthly. It has risen to become the top explorer within the Solana ecosystem, thanks in part to its integration with other renowned projects. Many upgrades are also in the works to provide users with better, more personalized and more intimate experiences.