- MagicEden was the project with the most active users on Solana in the past seven days.
- SOL’s open interest increased and sentiment around the token improved.
from Solana [SOL] NFT space has been gaining some traction lately, as evidenced by the latest datasets. Most of SOL’s NFT metrics recorded growth in recent weeks, which looked optimistic for the ecosystem.
Read from Solana [SOL] Price prediction 2023-24
Solana NFTs are on the rise
Solana Daily, a popular Twitter account that posts updates related to the Solana ecosystem, pointed out an interesting update. According to the tweetMagicEden was the project with the highest number of active users in the past seven days.
A look at the blockchain’s stats also told a similar story of growth. According to Dunes facts, Solana NFTs recorded a gain in total trades in recent weeks. A similar upward trend was also observed in terms of transaction volume.
Source: Dune
SOL‘s NFT sales volume increased by more than 26% in the past seven days. The number of NFT buyers and sellers also increased by more than 30% in the past week. from Dappradar facts revealed that GGSG, Ec.io and SolPunks were the top 3 collections during the period.
Solana’s price turns bullish
In the midst of all this, investors had a good time when the SOL price rose recently. According to CoinMarketCap, the price of SOL is up almost 2% in the last 24 hours. At the time of writing, it was trading at $16.27 with a market cap of over $6.5 billion.
However, the rise could not last long as the price increase was accompanied by a drop in trading volume, which is a typical bearish signal.
Solana’s week-long price volatility suggested that the price rally could end if the chart recorded a decline. However, according to Mint glass, SOL’s outstanding interest increased. An increase in the statistic generally means that the ongoing price trend will last longer.
Additionally, SOLBinance’s funding rate was also high, reflecting demand in the derivatives market.
Source: Sentiment
How many Worth 1,10,100 SOLs today
Investor confidence in SOL is high
A look at Santiment’s map suggests that SOL‘s popularity increased last week.
This was evidenced by the peak in social volume. In addition, SOL’s weighted sentiment also rose last week, meaning positive sentiment around the token was dominant.
Source: Sentiment