SOL drops 5% in 24 hours, can Solana NFTs save the day?

Over the past week, a number of critical measures increased, indicating the health of Solana’s [SOL] NFT ecosystem. Its native token had lost more than 5% of its value in a single day at the time this occurred.

But would SOL’s price benefit indirectly from the blockchain’s accomplishments in the NFT ecosystem?

• Solana’s NFT sales volume and other key metrics surged majorly over the last week. 
• Solana’s NFT trade count and trade volume in USD spiked.
• SOL was down by over 6%, and indicators looked bearish.

Solana NFTs soar!

According to statistics from CryptoSlam, Solana’s NFT ecosystem expanded during the course of the previous week in a number of ways. Its NFT sales volume, for example, increased by almost 40%.

Also, the number of traders increased by nearly 71% and 62%, respectively, indicating a similar upward trend.

Source: CRYPTOSLAM

Similar growth patterns were observed by other datasets as well. According to our examination of Santiment’s statistics, Solana saw an uptick in total NFT trade counts last week.

In line with increased activity, SOL’s NFT trade volume in USD also experienced a significant surge.

According to Dune’s research, Solana’s platform fees and NFT marketplace volume have increased during the past few days.

Read Also: This Week in Crypto: Despite ETF Hype, Bitcoin and Ethereum Plunge Hard

Solana’s platform costs and NFT marketplace volume have both increased over the past few days, according to Dune’s data.Similar growth patterns were also shown by other datasets. Solana’s overall NFT trade counts climbed last week, according to Santiment’s statistics.

More activity was reflected in the significant jump in SOL’s NFT trade volume in USD.

Solana’s NFT marketplace volume and platform fees have both increased over the past few days, according to Dune’s data.

We examined the data from DappRadar to see which NFT collections ranked high on the gainers list.

Based on our analysis, the top three NFT collections on the solana blockchain over the last seven days were CryptoUndeads, STEPN, and Open Solmap.

On the same list, Frogana and Mad Lads both placed in the top five.

Recent information regarding SOL’s NFT ecosystem is encouraging as well. As of right now, around 16,000 Solana Saga cell phones have been setup.

This might soon have a favorable impact on the ecosystem because mobile is a big part of what drives SOL NFTs.

Solana down 6%: Analysts suggest the dip is not over

The NFT ecosystem on the blockchain saw tremendous growth last week, but SOL’s value decreased. SOL had a decrease of over 6% over the previous seven days, per CoinMarketCap.

The token’s price fell by more than 4% in the last day alone. SOL is currently the fifth-largest cryptocurrency with a market capitalization of almost $38 billion, trading at $87.55 at the time of writing.

We observed SOL’s daily chart to understand whether it could make a recovery in the days to come. Its MACD displayed a clear bearish upper-hand in the market.

Solana’s Relative Strength Index (RSI) also started to go down and was headed further below the neutral mark at press time. This indicated that the possibility of a further downtrend was high.

Investor behavior regarding SOL remained bearish in addition to the market indications. This was demonstrated by the decline in its Weighted Sentiment during the previous seven days.

SOL’s popularity suffered as much because of the price decline, as its Social Volume decreased. As such, there appears to be little chance that SOL will rebound in the upcoming days.

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