NFTs
Solana NFT Volumes Surge: Impact on SOL Market Performance
- Solana NFT volumes have surged, surpassing Bitcoin and Ethereum.
- DEX volumes on the network continued to fall.
O Solana [SOL] ecosystem has been one of the most successful ecosystems in the crypto space in recent months. One of the reasons for this would be the high volume of Solana NFTs.
Solana NFTs on the Rise
According to recent data, Solana has outperformed both Bitcoin [BTC] It is Ethereum[ETH] in terms of unique NFTs traded in the last month.
Source: X
However, NFT volume was not being driven by blue chip collections on the Solana network.
Popular projects like Mad Lads, Solana Monkey Business, and Clayosaurrz have witnessed a decline in price floor over the past week.
This indicated that NFT volume was driven by new NFTs that were being created on the Solana network and that had not gained much popularity.
Source: Piso Solana
Interesting and less popular NFTs indicate a healthy and thriving ecosystem.
However, Solana’s performance in other areas, such as the DeFi sector, is also important in determining the long-term performance of the protocol and its ecosystem.
In terms of DEX (Decentralized Exchange) volumes, the protocol has witnessed a massive decline in activity, going from $4 billion in volume to $1 billion.
Despite the drop in DEX volumes, the TVL (Total Value Locked) on the Solana network remained roughly the same.
Source: Artemis
How is the price of SOL?
At press time, SOL was trading at $144.93. Despite the popularity of Solana NFTs and the overall health of the ecosystem, the price of SOL continued to fall.
Since April 1st, the price of SOL has fallen by 26.59%. However, after reaching below the $161.28 level, SOL price began to consolidate.
The $161.28 level has been tested twice in recent weeks and with the help of additional bullish momentum, SOL price could again reach previously achieved levels.
Realistic or not, here it is SOL market value in BTC terms
In recent days, the CMF (Chaikin Money Flow) for SOL has risen in recent days, indicating that the money flowing into SOL has increased, which could cause an increase in buying pressure in the future.
However, SOL’s RSI (Relative Strength Index) has plummeted in recent days, indicating that the bullish momentum had slowed for SOL.
Source: TradingView