- SOL’s TVL and DEX volumes showed an increase, which looked encouraging.
- Despite a green weekly chart, SOL market indicators remained bearish.
from Solana [SOL] Magic Eden is the perform best NFT player in its ecosystem. The network’s NFT stats also turned green last week, as shown by CRYPTOSLAM‘s charts.
According to the data, the number of NFT sellers and buyers is both up more than 20% in the past seven days. Not only that, but the number of transactions also increased slightly.
Source: CRYPTOSLAM
The same growth was also noticed on the Santiment chart as SOL’s NFT trade numbers registered an increase. USD NFT trading volume also increased, further reflecting growth in the NFT ecosystem.
Source: Sentiment
The Solana NFT ecosystem grows with it
Solana also recorded growth on other fronts. For example after a dive SOLdaily trades gained upward momentum.
In addition, DEX volume also increased, reflecting its popularity among traders. The data from Artemis showed that Solana’s TVL has also increased in recent days, which is generally a positive signal for a blockchain.
Source: Artemis
Investor confidence improved
The improvement in statistics may also have played a role in improving sentiment around SOL in the market. After a dip, Solana’s weighted sentiments showed an uptick, which is a positive signal.
Moreover, the social volume also increased, again reflecting the popularity of the token in the crypto space. interesting, SOLDevelopment activity was also high, indicating that the developers were putting more effort into improving the network.
Source: Sentiment
Solana’s weekly chart is bullish
From CoinMarketCap, SOL’s price was up more than 6% in the past seven days, which was bullish. At the time of writing, SOL was trading at $20.68 with a market cap of over $8 billion, making Solana the 10th largest cryptocurrency by market capitalization.
SOLThe MACD of ‘s gave hope for further price gains as it showed a bullish upper hand in the market.
Source: TradingView
Read from Solana [SOL] Price prediction 2023-24
However, the rest of the indicators were bearish on SOL. For example, the Relative Strength Index was at the neutral mark. SOL’s Money Flow Index was also below the neutral zone.
The Chaikin Money Flow registered a drop, further increasing the likelihood of a price drop. In addition, SOL’s Exponential Moving Average (EMA) Ribbon also supported the bears as the 20-day EMA was below the 55-day EMA.
