- Solana’s NFT volumes saw an increase, driven by top collections.
- Magic Eden’s new development could boost Solana’s growth.
Solana [SOL] has witnessed tremendous growth in recent months due to the popularity of meme coins and DEXs on its network. However, it recently became clear that NFTs were driving Solana’s growth.
Blue chips show the way
The Blue Chip Solana NFT Index witnessed a massive surge in volume over the past 24 hours. According to Solanafloor, the volume of Solana NFTs has grown by 27% in the past week.
Some famous NFT collections driving the growth included MadLads, Tensorians, and Solana Monkey Business.
Source: Solanafloor
However, the total floor value of these collections continued to decline. This suggested that many addresses took advantage of the price drop of Solana NFTs and purchased these collections at a discount.
Source: Solanafloor
Activity on the Solana network also grew significantly. Recent data shows that Solana’s revenue has increased by 140.2% over the past 30 days.
Despite these factors, overall activity on Solana declined. According to Token Terminal data, daily active users on the Solana network have fallen 16.6% over the past month.
Source: Token terminal
New developments
However, things may change for the Solana network in the future.
Magic Eden, one of the most popular NFT marketplaces in the crypto sector, recently announced that it would be building a rewards program that would launch on the Solana network.
Not only will users flock to the Magic Eden marketplace, but this will in turn help Solana see an increase in activity on its network.
It would encourage users to buy more NFT collections also on the Solana network, further improving the state of the Solana ecosystem.
How much are 1,10,100 SOLs worth today?
At the time of writing, SOL was trading at $87.62, and its price was up as much as 9.11% over the past 24 hours.
Although the token witnessed a sudden spike in interest, the price increase was still not enough for a reversal. However, if the trend continues, there may be a chance of a bullish future.
Source: Santiment