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Solana’s (SOL) NFT ecosystem continues to grow as its core NFT metrics record an upswing. A multitude of new collections have been launched on Solana, potentially supporting further growth. As the NFT ecosystem develops, the market value of SOL also made a sharp recovery as bulls took over the market.
Burning Bright: Solana’s NFTs!
Data from CRYPTOSLAM revealed a more than 125% increase in the number of NFT buyers and an 81% increase in the number of sellers over the past seven days. This resulted in a respective 36% and 5% increase in the total volume and sales of Solana NFTs.
A chart from Santiment points to a similar growth model. The number of Solana NFT transactions increased significantly last week, and the total NFT transaction volume in US dollars also showed a promising increase.
Data from Dune also revealed an increase in the number of active wallets, reflecting the increasing use and adoption of SOL NFTs. Solana Daily, a popular Twitter handle sharing updates on the Solana ecosystem, recently released a promising tweet for the upcoming days.
Several new collections have been launched on Solana. According to the tweet, the collections include Portals, Solstead & Citizens, Enviro, Botborgs, and others. These newly launched collections could further aid the growth of Solana NFTs by potentially attracting new customers.
Current Status of SOL Price
As SOL NFTs continue to evolve, the price action of the native token has shifted to the upside. According to CoinMarketCap, the price of SOL has increased by more than 10% over the past seven days and by over 4% in the past 24 hours. At the time of writing, it was trading at $16.75, with a market value of over $6.6 billion.
The trading volume of SOL also increased during this period. Furthermore, the 1-day price volatility of the token increased, giving hope for the continuation of the uptrend. The daily chart of SOL also revealed some bullish market indicators. For instance, the MACD displayed a bullish crossover. Solana’s Relative Strength Index (RSI) recorded an uptrend.
The Chaikin Money Flow (CMF) also followed the same trend, further increasing the likelihood of a northward price movement. However, the Exponential Moving Average (EMA) Ribbon continued to support bears as the 20-day EMA remained below the 55-day EMA.
