- Several new NFT collections have been launched on Solana in recent days.
- SOL’s price chart turned green and market indicators were bullish.
from Solana [SOL] The NFT ecosystem continues to thrive as key NFT metrics rise. Several new collections have also been launched on Solana, which can stimulate further growth. While the NFT ecosystem thrived, SOL’s market cap also recovered sharply as the bulls took over the market.
Realistic or not, here it is SOL market cap in BTC conditions
Solana’s NFT space on FIRE!
CRYPTOSLAMs facts revealed that the number of NFT buyers has increased by more than 125% in the past seven days, while the number of sellers has increased by 81%. As a result, Solana NFT’s total transactions and sales volume also increased by 36% and 5%, respectively.
Source: CRYPTOSLAM
Santiment’s chart also indicated a similar growth pattern. Solana’s number of NFT trades has increased significantly over the past week, as has overall USD NFT trading volume, which looked encouraging.
Dunes facts also revealed that the number of active wallets also rose, reflecting the increased use and adoption of SOL NFTs.
Source: Sentiment
Solana Daily, a popular Twitter handle that posts updates related to the Solana ecosystem, recently posted a tweet that gave hope for the days to come.
Quite a few new collections have gone live on Solana. According to the tweet, the collections include Portals, Solstead & Citizens, Enviro, Botborgs and others. The newly launched collections can help Solana NFTs grow further as they can attract new customers.
New Listings Solana NFTs at Highest Volume (Last 7D)@_portals_@SolsteadsNFT@enviroGallery@Botborgs@skyland_io@sovanadao@YakuCorp@desolateNFT@SoulDogsNFT@weareLUX_space@hyperspacexyz #Solana $SOL pic.twitter.com/Bq8mWbImef
— Solana Daily (@solana_daily) June 20, 2023
SOL records double-digit growth
As SOL NFTs continued to thrive, the native token’s price action turned bullish. According to CoinMarketCap, the price of SOL is up more than 10% and 4% respectively in the last seven days and the last 24 hours. At the time of writing, it was trading at $16.75 with a market cap of over $6.6 billion.
SOLThe company’s trading volume also increased during that period, which looked bullish. In addition, the token’s 1-day price volatility skyrocketed, giving hope for a continued uptrend.
Source: Sentiment
How many Worth 1,10,100 SOLs today
SOLThe daily chart also revealed quite a few bullish market indicators. For example, the MACD showed a bullish crossover. Solana’s Relative Strength Index (RSI) registered an increase.
The Chaikin Money Flow (CMF) also followed the same trend, increasing the likelihood of a price move further north. However, the Exponential Moving Average (EMA) ribbon continued to favor the bears as the 20-day EMA rested below the 55-day EMA.
Source: TradingView