SOL Drops 5% Despite Solana’s NFT Market Boom

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SOL’s course drops by 5% in 24 hours – Can Solana’s NFT market save the situation?

In the last 24 hours, the cryptocurrency SOL has recorded a loss in value of 5%. At the same time, Solana’s NFT market is experiencing an upswing. The question now is whether this positive trend in the NFT sector could have an indirect positive impact on the SOL price.

Boom in Solana’s NFT Market

Data from CryptoSlam shows that Solana’s NFT market has grown on several levels over the past week. For instance, the trading volume of NFTs has increased by more than 40%. The number of sellers and buyers has also increased – by more than 71% and 62% respectively. Further data from Santiment confirm this growth trend. For example, the number of NFT transactions has increased over the past week and the trading volume in USD has risen significantly.

Top NFT Collections on Solana

A look at the data from DappRadar shows that CryptoUndeads, STEPN, and Open Solmap were the top three NFT collections on Solana in the last seven days. In addition, nearly 16,000 Solana Saga mobile phones have been activated, which could have a positive impact on the NFT ecosystem.

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Solana in a difficult situation

Despite the boom in the NFT market, SOL has recorded a loss in value of more than 6% over the past week. In the last 24 hours alone, the price has fallen by over 4%. The current price is $88.71, making SOL the fifth largest cryptocurrency. The MACD indicator shows a clear bearish trend and the Relative Strength Index (RSI) is also on the decline. This suggests that the downward trend could continue.

Outlook for SOL

The sentiment of investors towards SOL remains bearish, as evidenced by a decrease in the weighted sentiment over the past week. The social volume of SOL has also decreased, suggesting that the likelihood of a recovery in the coming days is low.

Sources: CryptoSlam, Santiment, DappRadar, CoinMarketCap

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Isabella Brown

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Online Gambling, Greece and my dog Gringo are my three favorite things in my life. Before working for I was leading the content team of an iGaming Online magazine where I was focused on researching casinos, their licenses and the connection between the members of the industry.
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Last update: 19. February 2024

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