- Solana’s NFT trading numbers and USD trading volume spiked.
- SOL fell over 6% and the indicators looked bearish.
Solanas [SOL] The NFT ecosystem has thrived over the past seven days as several key metrics soared. This happened at a time when the original token lost more than 5% of its value within 24 hours.
However, will the performance of the blockchain in the NFT ecosystem have any indirect positive impact on the price of SOL?
Solana NFTs boom!
AMBCrypto’s look at CryptoSlam’s facts revealed that Solana’s NFT ecosystem has shown growth on multiple fronts over the past week. For example, NFT sales volume increased by more than 40%.
A similar upward trend was also observed in terms of the number of sellers and buyers as they grew by over 71% and 62% respectively.
Source: CRYPTOSLAM
Other data sets also painted a similar picture of growth. AMBCrypto’s analysis of Santiment’s data indicated that Solana’s total NFT trading numbers increased last week.
SOL’s USD NFT trading volume also increased significantly, reflecting increased activity.
Source: Santiment
Dune’s data showed that Solana’s NFT market volume also received an upward boost in recent days, as did platform fees.
Source: Dune
To check which NFT collections performed best on Solana, AMBCrypto looked to DappRadar’s facts.
We found that CryptoUndeads, STEPN, and Open Solmap were the top three NFT collections on the blockchain over the past seven days.
Apart from this, Frogana and Mad Lads also reached the top five on the same list.
Another piece of optimistic news was recently revealed SOL‘s NFT ecosystem. To date, nearly 16,000 Solana Saga mobile phones have been activated.
Since mobile plays a major role in promoting SOL NFTs, this development could soon have a positive impact on the ecosystem.
almost 16000 @solanamobiel Legends have been activated 🗣️📱 pic.twitter.com/8igL0XQjdD
— ashen | 959.sol (@notashenone) January 21, 2024
Solana is in a terrible condition
While the blockchain NFT ecosystem boomed last week, the same was not true for SOL as its value fell. According to CoinMarketCapSOL has fallen by more than 6% over the past seven days.
In the last 24 hours alone, the token’s price fell by more than 4%. At the time of writing it is SOL was trading at $88.71 with a market cap of over $38 billion, making it the fifth largest crypto.
AMBCrypto then checked SOL’s daily chart to see if it could recover in the coming days. The MACD showed a clear bearish upper hand on the market.
Solana’s Relative Strength Index (RSI) also started to decline and fell further below the neutral mark at the time of writing. This indicated that the possibility of a further downtrend was high.
Source: TradingView
Is your portfolio green? look at the SOL profit calculator
Apart from the market indicators, investor sentiment around SOL also remained bearish. This was clearly evident from the decline in weighted sentiment over the past week.
The price drop also took its toll SOL‘s popularity, as social volume dropped. Therefore, the chance that SOL will recover in the coming days seems small.
Source: Santiment