Saturday, January 28, 2023

Can Solana’s NFT space manage to restore SOL’s position in the crypto market

  • Solana’s weekly chart was green and the metrics supported a positive outlook
  • On the other hand, SOL’s Bollinger Band and RSI flashed bearish signals

Solana [SOL] has been drifting away from the top ten list of cryptocurrencies in terms of market capitalization for quite a few weeks now. Though Solana failed to impress its investors, growth was witnessed in its NFT ecosystem.

Several new NFTs were listed on Solana over the last week, including Claynosaurz, Panda, Pixel Boy, Moo Doo, ACF, and many others.

New Listings Solana #NFTs By Highest Volume in the Last 7D@Claynosaurz#TreasureChests@THELILYNFT#Panda#MooDoo#PixelBoy#HolidayElf#ACF #CactusBOB#Seeker@hyperspacexyz #Solana $SOL pic.twitter.com/7p8HT5ZIc9

— Solana Daily (@solana_daily) November 29, 2022

Interestingly, Dune’s data revealed that Solana’s NFT transaction volume went up lately. Magic Edan revealed one possible reason for this increase when it congratulated y00ts NFT on reaching over 2,100,000 SOL in trade volume. However, a slight decline was noticed in Solana’s active wallets.

Over 2,100,000 $SOL in trade volume

Huge congratulations to @y00tsNFT for the massive numbers across not one but TWO collections. LFG! pic.twitter.com/KkPED5QwAW

— Magic Eden (@MagicEden) November 29, 2022

Santiment’s data regarding SOL’s NFT space was not very promising, as according to its chart, SOL’s total NFT trade count and trade volume in USD went down over the last week.

Can Solana NFT help SOL?

Considering the nature...

source: https://ambcrypto.com/can-solanas-nft-space-manage-to-restore-sols-position-in-the-crypto-market/