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Solana’s NFT ecosystem experienced remarkable growth in various key metrics over the past week, coinciding with a more than 5% decline in the native token SOL’s value within a 24-hour period.
Strong Growth in Solana NFTs
Despite the dip in SOL’s value, the NFT sector on Solana demonstrated robust expansion. CryptoSlam’s data, as explored by AZC News, unveiled a notable surge of over 40% in the platform’s NFT sales volume. Additionally, the number of sellers and buyers increased by impressive percentages, with a growth of over 71% and 62%, respectively.
This positive trend was corroborated by other datasets, including Santiment’s, which indicated an overall increase in Solana’s total NFT trade counts. The trade volume of SOL’s NFTs in USD also witnessed a substantial spike, underscoring heightened activity in the ecosystem. Dune’s data further highlighted an upward trajectory in Solana’s NFT marketplace volume and platform fees over the last few days.
Delving into specific NFT collections, DappRadar’s data showcased the top performers on Solana. Notably, CryptoUndeads, STEPN, and Open Solmap emerged as the leading three NFT collections in the blockchain’s ecosystem over the past seven days. Frogana and Mad Lads secured positions within the top five on the same list, adding to the overall vibrancy of Solana’s NFT landscape.
On a positive note for SOL’s NFT ecosystem, recent revelations indicate the activation of nearly 16,000 Solana Saga mobiles, showcasing a growing engagement with the platform. As mobile usage plays a pivotal role in promoting SOL NFTs, this development holds the potential to contribute positively to the ecosystem’s vitality in the near future.
However, the overall state of Solana appears challenging. Despite the booming NFT ecosystem, SOL faced a decline in value, dropping by more than 6% in the last seven days, according to CoinMarketCap. The situation worsened in the last 24 hours, witnessing a more than 4% decrease, bringing SOL’s price to $88.71. Despite being the fifth-largest crypto with a market capitalization exceeding $38 billion, SOL’s market performance is currently under scrutiny.
Related: Cardano Enters Top 10 Leading Blockchains for NFT Transactions
AZC News conducted an analysis of SOL’s daily chart to assess the possibility of a recovery. Unfortunately, the MACD displayed a clear bearish dominance in the market. The Relative Strength Index (RSI) for Solana also exhibited a downward trend, heading further below the neutral mark at the time of writing, signaling a high likelihood of an extended downtrend.
In addition to market indicators, investor sentiment around SOL remained bearish, evident from the drop in its Weighted Sentiment over the last week. The price downtrend has also impacted SOL’s popularity, with a decline in its Social Volume. As a result, the prospect of SOL staging a recovery in the coming days appears challenging.
