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- Solana’s number of NFT buyers has increased by more than 125%.
- Market indicators indicated a rise in the price of SOL.
Solana [SOL] It reached a milestone last week in the NFT ecosystem, which looked optimistic. However, while the blockchain NFT ecosystem has boomed, the price of its native token has remained under the control of bears.
Let’s take a closer look at what’s going on with Solana.
Latest achievements of Solana NFTs
SolanaFloor, a popular X handle (formerly Twitter) that posts updates related to the blockchain ecosystem, recently posted tweet Highlighting an interesting development.
According to the tweet, Solana has crossed over $100,000 in NFT trading volume in the past seven days.
AMBCrypto’s look at CRYPTOSLAM data revealed that the number of NFT buyers on the blockchain increased by 125% last week.
Source: CryptoSlam
Likewise, Solana’s number of NFT sellers has also increased by more than 66% in the past seven days. Dab radar Data It revealed that MadLads was the top SOL NFT group of the week.
Aside from MadLads, Famous Fox and STEPN also made it to the top three on the same list.
However, it was surprising to note that despite the huge rise in the number of buyers and trading volume, Solana’s NFT sales volume declined by more than 4%.
Our analysis of Santiment data also revealed that SOL’s NFT trading numbers declined last week.
Source: Santiment
The bears refuse to leave
While Solana’s NFT ecosystem managed to grow last week on several fronts, it was a different story for SOL. Coin Market Cap Data It revealed that the price of SOL has fallen by approximately 10% in the past seven days.
At the time of writing, Solana is trading at $137.34 with a market capitalization of over $62 billion, making it the fifth largest cryptocurrency.
The massive price drop had a negative impact on SOL’s social metrics. Notably, the weighted sentiment for the token dropped sharply, meaning that bearish sentiment was dominant in the market.
Source: Santiment
However, there are still opportunities to change the downward trend. AMBCrypto’s look at CFGI.io Data He revealed that as of press time, SOL’s Fear and Greed Index had a value of 30%, meaning the market was in a “fear” phase.
Whenever the gauge reaches this level, it indicates a potential increase in price.
Therefore, to see if a price increase is possible, AMBCrypto analyzed the daily chart of SOL. We have found that Solana price has touched the lower limit of the Bollinger Bands indicator, which often causes the price to bounce.
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In addition, the Relative Strength Index (RSI) also registered a slight increase, which also indicates rising prices. If a trend reversal occurs, SOL could reach $162 in the coming days.
A successful break above this level could allow SOL to reclaim $186.
Source: Trading View
