- Solana’s NFT ecosystem registered growth in terms of sales last month.
- SOL was down more than 9% and market indicators suggested a further downtrend.
Last month, Solana [SOL] has witnessed growth in its DeFi space as the blockchain’s TVL moved up. Solana Daily’s tweet also pointed out the top Solana dApps by inbound value, which contributed to TVL’s growth.
Read from Solana [SOL] Price prediction 2023-24
However, as the DeFi ecosystem grew, SOL investors were still taking losses at the time of writing. But will Solana’s performance in the DeFi space be enough for the blockchain to paint its price chart green?
A bird’s eye view of the Solana ecosystem
Data from DeFiLlama showed that Solana’s TVL gained upward momentum and has been rising for several weeks. Therefore, a rise in metrics can be considered growth in a blockchain’s DeFi ecosystem. At press time, SOL‘s TVL was $1.12 billion.
Source: DeFiLlama
Solana Daily’s latest tweet also highlighted the top dApps in the ecosystem by inbound value over the past seven days. These dApps have certainly contributed to the TVL growth of the blockchain. According to the tweet, Sharky, Parrot and Saber Labs were the top 3 Dapps.
Top Solana Dapps by Incoming Value Last 7D
🥇 @SharkyFi
🥈 @gopartyparrot
🥉 @Saber_HQ@MarinadeFinance @solendprotocol @port_finance @SquadsProtocol @mercurialfi @ProjectLarix @SolanartNFT @DivvyBet @helio_pay @RaydiumProtocol @png_fi @degencoinflip@dappradar #Solana $SOL pic.twitter.com/xd61KzRbzM— Solana Daily (@solana_daily) August 4, 2023
Not only that, but in fact Solana’s captured value has also increased in recent months. According to Artemis’ records, SOLFees started to increase in mid-June 2023.
Thanks to the increase in fees, blockchain revenues also increased. However, it should also be noted that both metrics have fallen slightly in recent weeks.
Source: Artemis
In addition to DeFi, growth was also noted in the blockchain NFT ecosystem. CryptoSlamSolana NFTs data showed that Solana NFTs sales volume has increased by more than 5% in the last 30 days.
In addition, the total number of buyers, sellers and transactions also increased by 14%, 18% and 5% respectively.
SOL still has cause for concern
Solana’s performance above did not reflect its performance in the chain. For example, social volume declined, reflecting a weakening in popularity. SOLThe company’s trading volume also fell, suggesting lower investor willingness to trade the token.
However, the funding rate was green. This implied that there was a demand for SOL in the derivatives market.
Source: Sentiment
Mentioning the price action of SOL, the price of the token was heavily influenced by the bears. From CoinMarketCap, SOL was down more than 9% in the past seven days. At the time of writing, it was trading at $22.77 with a market cap of over $9 billion.
Is your wallet green? look at the Solana profit calculator
A look at SOL’s daily chart suggested that the price trend could continue. The distance between the 20-day exponential moving average (EMA) and the 55-day EMA decreased.
This increased the likelihood of a bearish crossover. In addition, Solana’s Relative Strength Index (RSI) and Chaikin Money Flow (CMF) both followed a sideways path below the neutral mark, which was bearish.
Source: TradingView