- Ev.io, GGSG, and SolPunks were the top three NFT collections on the blockchain over the past 30 days.
- Most market indicators remained bullish on SOL.
Since the beginning of the year Solana [SOL] has taken multiple hits on its NFT ecosystem. To begin with, SOL has witnessed quite a few top-selling NFT collections, including y00ts, migrate to other blockchains.
Realistic or not, here it is SOL market cap in BTC‘s conditions
However, in recent months SOL has launched quite a few new features that have the potential to turn the table in favor of the blockchain. While this was happening, SOL bulls entered the market strongly as the price of the token rose by double digits over the past week.
Is Solana’s NFT space to watch out for?
CRYPTOSLAMs facts revealed that the blockchain’s total NFT sales volume had increased by more than 80% in the past 30 days. Not only that, but the number of transactions increased by more than 50%, which looked promising.
Surprisingly, despite the increase in sales volume and transactions, the number of sellers fell over the past month.
Source: CRYPTOSLAM
Major contributions to this rise in stats can be attributed to the popular NFT collections on Solana. From DappRadarEv.io, GGSG, and SolPunks were the top three NFT collections on the blockchain over the past 30 days.
In addition, Teng Yang recently posted a tweet with highlights SOL The potential of NFT, which could appear on paper in the coming months.
WHY SOLANA
I had my reservations at first, but dive deep into the @solana The NFT ecosystem turned me into an SOL supporter late last year.
I was surprised to find a genuine, passionate community and ecosystem on SOL. That is quite separate from the EVM ecosystem which often shares… pic.twitter.com/bwvLugO4Yz
— Teng Yan
(@0xPrismatic) July 14, 2023
According to the tweet, one of the most promising features was Solana’s NFT compression. Compressed NFTs are Solana NFTs that store their data in a Merkle tree structure, as opposed to completely on-chain like normal NFTs.
While Solana’s new feature may have helped NFTs gain traction, things have changed in recent weeks. According to Santiment’s chart, the network’s total NFT trading numbers fell after peaking on June 27.
The same trend was also seen in terms of SOL’s total NFT trading volume in USD, which looked worrying.
Source: Sentiment
Solana investors rejoice
While the NFT ecosystem has concerns to address, the token’s price action has turned bullish. From CoinMarketCap, the price of SOL is up more than 30% in the past seven days. At the time of writing, it was trading at $28.92, with a market cap of over $11 billion.
Is your wallet green? look at the Solana profit calculator
Take a look at SOLThe daily chart suggested that the uptrend could continue. For example, the data from the MACD revealed the upper hand of buyers in the market. Solana’s exponential moving average (EMA) ribbon also showed a bullish crossover, increasing the likelihood of a sustained price increase.
However, the Money Flow Index (MFI) was in the overbought zone, which may increase selling pressure on the token.
Source: TradingView
