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Solana (SOL)-based NFT market’s token listing on major exchanges has created significant excitement in the Solana network. However, whether this news has translated into increased volume for SOL may require analysis of transaction data within Solana’s ecosystem and monitoring of market activity following the listing.
Anticipation in Solana for NFT Market Developments
On April 8th, Tensor, a major NFT marketplace on Solana, listed its newly launched token on major exchanges such as Binance and OKX. This listing followed an earlier announcement by Coinbase last week, which expressed its intention to list the TNSR token upon its launch. While the announcements were awaited, they still managed to create significant excitement within the Solana community.
According to data from Tiexo, an analysis of Solana’s marketplaces revealed that they collectively contributed approximately 374,000 in volume over the last seven days. Tensor ranked second in terms of volume with 129,000, following Magic Eden. However, Tensor led the way with over 207,000 active wallets in the last seven days, while Magic Eden recorded approximately 39,000 active wallets, placing it second.
Increase in SOL’s Total Value Locked
Solana‘s volume chart analysis indicates that the recent developments have not significantly affected the transaction volume. At the time of writing, the volume was around 791 million dollars. However, there has been an increase in the total value locked (TVL) recently. Although this increase cannot be directly linked to the recent developments, it may coincide with them. Currently, the TVL is above 4.6 billion dollars, close to the all-time high of 4.8 billion dollars. According to Crypto Slam data, Solana ranked third in NFT sales volume over the last seven days. The analysis of the data revealed that the sales volume for this period exceeded 40.5 million dollars.
During the same time frame, Bitcoin recorded over 91 million dollars and Ethereum over 63 million dollars in NFT sales volume, with Solana following them. Analysis of Solana’s daily chart shows no significant uptrend recently. However, at the time of writing, it was trading around 182 dollars, with a modest increase of over 1%. This rise continues the upward trend that started three days ago, following major declines at the beginning of the month. Despite these declines, SOL has managed to maintain its upward trend. Additionally, when considering the volume, there is a slight increase compared to April 7th, with the volume currently over 2.6 billion dollars.
