- Despite being in second place, Solana’s NFT sellers and buyers fell
- SOL dropped more than 16% last week, but there were chances of a trend reversal on the charts
Solanas [SOL] August’s performance on the NFT front was promising, as it only fell behind Ethereum [ETH]. Therefore, it is worth seeing what September will be like for the altcoin and its ecosystem.
Solana NFTs in August
Coin98 Analytics, a data analytics platform, recently launched a tweet shows an interesting development. According to the same, Solana was only behind Ethereum in terms of NFT sales volume in August. While Ethereum’s figure was $131 million, SOL’s figure was $79 million.
Apart from these two, Bitcoin [BTC] also reached the top three on the same list, as monthly NFT sales volume reached $59 million.
AMBCrypto’s analysis of DappRadar’s facts revealed that Frogana, SMB Gen 2, De Gods, Madlads and Unicornio were the best performing NFT collections on Solana over the past 30 days.
Despite ranking second among blockchains in terms of NFT sales volume, Solana’s NFT metrics actually registered a decline last month.
CRYPTOSLAMS facts thought that The number of SOL NFT buyers and sellers fell by 36% and 33%, respectively. The total number of transactions also fell to just over 1 million – a drop of +50%.
Source: CRYPTOSLAM
Still, September could be better, as Solana’s NFT stats have risen slightly over the past seven days.
For example, NFT sales volume rose 2.7% last week, reaching $18 million. The number of blockchain NFT buyers and sellers also increased by 40% and 27% respectively.
AMBCrypto’s review of Santiment’s data found that SOL’s NFT trading count peaked on August 31. However, NFT trading volume in USD has declined in recent days.
Source: Santiment
How are things going with SOL?
While a lot was happening in Solana’s NFT ecosystem, SOL’s price action turned bearish, thanks to market conditions. According to CoinMarketCapSOL has fallen by more than 16% over the past seven days. At the time of writing, SOL was trading at $130.95 with a market cap of over $61 billion.
However, investors should not lose hope as a key indicator turned bullish. At the time of writing, SOL’s fear and greed index was at 27%, meaning the market was in a “fear phase.” When the measure reaches this level, it indicates that there is a chance of a price increase soon.
Source: CFGI.io
Read Solana (SOL) Price Prediction 2024-25
If a bullish trend reversal actually occurs, SOL could reclaim $149 in the coming days.
At that level, SOL liquidations would increase, often resulting in short-term price corrections. On the other hand, if the bears continue to dominate, the SOL could drop to $127.
Source: Hyblock Capital
