Nfts
Solana NFT Sales Soar 125%: Will This Help SOL Grow?
- Solana’s NFT buyer count jumped over 125%.
- Market indicators suggest an increase in the price of SOL.
Solana [SOL] took a step last week in the NFT ecosystem, which seemed optimistic. However, even as the blockchain’s NFT ecosystem has thrived, the price of its native token has remained under bear control.
Let’s take a closer look at what’s happening with Solana.
The latest achievement of Solana NFT
SolanaFloor, a popular X (formerly Twitter) handle that posts updates related to the blockchain ecosystem, recently released a Tweeter highlighting an interesting development.
According to the tweet, Solana has surpassed $100,000 SOL in terms of NFT trading volume over the past seven days.
AMBCrypto’s examination of CRYPTOSLAM data found that the number of NFT buyers from the blockchain increased by 125% in the past week.
Source: CRYPTOSLAM
Likewise, the number of Solana NFT sellers has also increased by over 66% in the last seven days. DappRadar data revealed that MadLads was the best SOL NFT collection of the week.
Besides MadLads, Famous Fox Federation and STEPN also made the top three in the same list.
However, it was surprising to see that despite the massive increase in the number of buyers and trading volume, Solana’s NFT sales volume fell by more than 4%.
Our analysis of Santiment data also revealed that SOL’s NFT trading count dropped last week.
Source: Santiment
The bears refuse to leave
While Solana’s NFT ecosystem managed to grow last week on several fronts, the case was different for SOL. CoinMarketCap data revealed that the price of SOL has fallen by almost 10% over the past seven days.
At the time of writing, Solana was trading at $137.34 with a market cap of over $62 billion, making it the fifth largest crypto.
The massive drop in prices had a negative impact on SOL’s social indicators. Notably, the weighted sentiment of the token fell sharply, meaning bearish sentiment was dominant in the market.
Source: Santiment
However, there were chances that the downtrend would change. AMBCrypto’s view on that of CFGI.io data revealed that at press time, SOL’s Fear and Greed Index had a value of 30%, meaning that the market was in a “fear” phase.
Each time the metric reaches this level, it indicates a possible increase in prices.
Therefore, to see if a price increase is possible, AMBCrypto analyzed the daily chart of SOL. We observed that Solana price was touching the lower limit of the Bollinger Bands, which often leads to a price rebound.
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Additionally, the Relative Strength Index (RSI) also recorded an uptick, further hinting at higher prices. If a trend reversal occurs, then SOL could reach $162 in the coming days.
A successful breakout above this level could allow SOL to reclaim $186.
Source: TradingView