NFTs
How Solana’s NFT Market Surpassed Ethereum’s – A 30-Day Snapshot
- Solana NFT Buyers and Sellers Remained Higher Than Ethereum
- SOL Price Gained Bullish Momentum, But Trend Could Change
Solana [SOL] once again dominated its competitors as Ethereum [ETH] in the NFT space last month. Now, while this seems optimistic at first glance, there may be more to the story. Let’s take a look at how these two NFT giants fared against each other.
Solana beats Ethereum
Coin98 recently shared a tweet highlighting the latest datasets from the NFT ecosystem. According to the same, Solana is now number one on the list of blockchains in terms of the highest number of NFTs created in the last 30 days. In addition to Solana, Polygon and Base was also among the top three on the same list.
Here, what is also worth mentioning is that Ethereum took 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 an impressive 31 million lead.
DappRadar AMBCrypto Review data revealed that STEPN, SMB Gen2, and Mad Lads were the top NFT collections on Solana last month. Interestingly, y00ts and DeGods, two projects that recently migrated to Solana, failed to reach the top 5.
While the datasets mentioned above imply one thing, an overview may imply something else entirely. For example, CryptoSlam’s AMBCrypto review data revealed that while Solana’s monthly NFT sales volume was just $99 million, Ethereum’s sales volume was $193 million.
However, the number of Solana NFT buyers and sellers remained significantly higher than that of Ethereum.
Source: CRYPTOSLAM
SUN stays optimistic
Although Solana’s performance in the NFT space remained positive, SOL’s price action once again turned bullish. According to CoinMarketCap, the price of SOL has risen more than 2.5% in the last 24 hours. At the time of writing, the token is trading at $169.30, with a market capitalization of over $76 billion.
Thanks to the latest price increase, the weighted sentiment of the token has also increased. This meant that bullish sentiment around the token was dominant in the market. Furthermore, its social volume also increased in value on the charts, highlighting SOL’s popularity.
Source: Santíment
However, this trend may not last as a key derivatives market indicator has issued bearish signals so far. Data from Coinglass revealed that Solana’s buy/sell ratio has fallen over the past 24 hours.
To read Solana [SOL] Price prediction 2024-25
Here, a low ratio is a sign of bearish sentiment, where there is more interest in selling or shorting assets.
Source: Coinglass