Nfts
Solana NFT Market Update – Why SOL’s Rise to $160 May Have Done the Trick
- Early Solana NFT Wallets Grow Over 30%
- SOL price re-enters the $160 zone on charts
There has been a significant increase in the number of new wallets that interact with Solana NFTs over the past seven days, especially within top collections. This increase in activity indicates growing interest and participation in the Solana NFT ecosystem. While other metrics have also seen increases in recent days, metrics such as transaction volume and activity, Solana is still ranked behind major platforms like Bitcoin and Ethereum.
Solana NFT attracts more new users
According to recent data from Tiexo, there was a slight increase Solana NFT volumes over the last seven days, mainly driven by the best collections. At the time of writing, the volume was around $28.72 million. This indicates an increase of 1.43% compared to the previous week. In the same way, Solana floor reported 24-hour volume of approximately $3.8 million, or a 4% appreciation, as of this writing.
Additionally, Tiexo revealed an 18% increase in unique wallets over the past week, totaling around 180,000. Notably, early wallets saw the most significant growth, reaching over 56,000 – an increase of over 39% over the same period.
Additionally, the total floor value of Solana NFTs, according to Solana Floor data, stood at approximately $438 million, at the time of publication.
Solana lags behind Bitcoin and Ethereum
Over the past week, Solana NFT volumes saw only a modest increase, maintaining its position among the top three platforms. According to data from Crypto SlamSolana was ranked third in NFT sales volume during the aforementioned period.
In fact, records indicated volume exceeding $23 million, behind Ethereum with over $38 million and Bitcoin with over $47 million in sales, respectively.
SOL price enters $160 zone
SolanaThe price trend saw a notable uptick on May 15, rising over 11% on the charts. This propelled it from the $141 price range to over $158. At the time of writing, it was trading at around $163, another increase of over 3%.
Source: TradingView
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This surge has positioned Solana in an uptrend, as evidenced by its Relative Strength Index (RSI). It was nearing 60 at press time – A sign of strong bullish momentum.
Rising prices could also have a positive impact on the valuation of its NFTs, further strengthening investor sentiment.
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