Nfts
How Solana’s NFT Market Overtook Ethereum’s – A 30-Day Preview
- Solana NFT buyers and sellers remained higher than Ethereum
- SOL price has gained bullish momentum, but the trend could change
Solana [SOL] once again dominated its competitors as Ethereum [ETH] in the NFT space over the past month. Although this seems optimistic at first glance, the story may well be more complex. Let’s see how these two NFT giants fared against each other.
Solana beats Ethereum
Coin98 recently shared a Tweeter highlighting the latest data sets in the NFT ecosystem. According to the same, Solana is now ranked #1 on the list of blockchains in terms of highest number of NFTs created in the last 30 days. Apart from Solana, Polygon and Base also ranked among the top three on the same list.
Here it is also worth mentioning that Ethereum took the 10th place on the list. While 32 million NFTs have been created on Solana, only 1 million NFTs have been created on Ethereum. This gave SOL a huge lead of 31 million.
AMBCrypto analysis of DappRadar data revealed that STEPN, SMB Gen2, and Mad Lads were the top NFT collections on Solana last month. Oddly enough, y00ts and DeGods, two projects that recently migrated to Solana, failed to make the top 5.
Even though the data sets mentioned above imply one thing, a more holistic look might imply something completely different. For example, AMBCrypto’s analysis on CryptoSlam data revealed that while Solana’s monthly NFT sales volume was only $99 million, Ethereum’s was $193 million.
Nevertheless, the number of buyers and sellers of Solana’s NFTs remained significantly higher than that of Ethereum.
Source: CRYPTOSLAM
SOL turns bullish
While Solana’s performance in the NFT space has remained positive, SOL’s price action has turned bullish again. According to CoinMarketCap, the price of SOL jumped more than 2.5% in the last 24 hours. At the time of writing, the token was trading at $169.30 with a market cap of over $76 billion.
Thanks to the latest price rally, the weighted sentiment of the token has also increased. This meant that bullish sentiment around the token was dominant in the market. Additionally, its social volume also appreciated on the charts, highlighting SOL’s popularity.
Source: Santiment
However, this trend may not last as a key derivatives market indicator flashed bearish signals at press time. Data from Coinglass revealed that Solana’s long-to-short ratio has fallen over the past 24 hours.
Read by Solana [SOL] Price prediction 2024-25
Here, a low ratio is a sign of bearish sentiment, where there is more interest in shorting or selling assets.
Source: Coinglass
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