Both the quantity of NFT trades and the volume of USD trades on Solana significantly increased. Even though SOL dropped by over 6%, the market indicators showed a bearish trend.
Over the course of the last week, Solana’s NFT ecosystem saw impressive increase in a number of critical KPIs, which coincided with a more than 5% drop in the value of the native token SOL in a single day.
High Solana NFT Growth
On Solana, the NFT sector showed strong growth despite the decline in SOL’s value. According to AZC News’ analysis of CryptoSlam’s data, the platform’s NFT sales volume has increased by more than 40%. Also, there was a notable percentage increase in both the number of buyers and sellers, rising by 62% and over 71%, respectively.
Santiment’s dataset, which showed an overall rise in Solana’s total NFT trade counts, was among the several that supported this encouraging trend. Underscoring increased engagement in the ecosystem, the trade volume of SOL’s NFTs in USD also saw a significant jump. The volume of Solana’s NFT marketplace and platform fees have been rising over the past few days, according to Dune’s data.
DappRadar’s data, when filtered by particular NFT collections, revealed Solana’s best players. Most notably, over the previous seven days, the top three NFT collections in the blockchain ecosystem were CryptoUndeads, STEPN, and Open Solmap. The overall vibrancy of Solana’s NFT environment was enhanced by Frogana and Mad Lads, who both earned spots among the top five on it.
Positive news for SOL’s NFT ecosystem: current information shows that around 16,000 Solana Saga mobiles have been activated, indicating a rising level of platform involvement. The utilization of mobile devices is crucial in fostering SOL NFTs, therefore this advancement could have a favorable impact on the ecosystem’s health in the near future.
That being said, Solana’s general situation seems difficult. SOL’s value decreased during the last seven days, according to CoinMarketCap, despite the thriving NFT environment. Over the course of the previous day, the situation deteriorated and SOL’s price dropped by more than 4% to $88.71. SOL is currently being scrutinized for its market performance even though it is the fifth-largest cryptocurrency with a market valuation of almost $38 billion.
To determine whether there is a chance for a recovery, AZC News examined SOL’s daily chart. Sadly, the market was clearly dominated by the MACD’s bearish signals. There is a strong possibility of an extended slump based on the Relative Strength Index (RSI) for Solana, which likewise showed a downward trend and was currently moving below the neutral mark.
The decline in SOL’s Weighted Sentiment over the past week indicates that investor sentiment is still negative, in addition to market indicators. Along with a decrease in its Social Volume, the price drop has also affected SOL’s popularity. The likelihood of SOL launching a comeback in the upcoming days hence seems unlikely.
