Solana’s NFT landscape is expanding considerably – there is more to come
- Solana’s weekly NFT sales volume reached more than $17.5 million in value, a jump of around 32%.
- SOL saw an increase in the number of long positions taken in recent days.
Solana [SOL] the ecosystem got a reason to celebrate as the daily NFTs minted on the network jumped to a three-month high recently.
According to a tweet from Solscan, the number of NFTs minted on March 3 reached 129,872, which was almost three times the average daily number over the past three months.
The average almost tripled. daily number within 3 months💪 pic.twitter.com/4Hartk1wsZ
— Solscanin (@solscanofficial) March 6, 2023
Additional data from Solscan revealed that Solana was home to 274,36,000 collections and more than 33 million NFTs, at the time of writing.
How much is 1,10,100 SOL worth today?
NFTs run Solana!
Solana’s NFT landscape faced a major challenge after it hit a three-month low in the last week of February. This was after Solana’s major network breach which triggered significant R&D in the community.
Source: Crypto Slam
Since then, NFT activity has picked up again. Data from Crypto Slam showed that weekly sales volume reached more than $17.5 million in value, a jump of around 32%.
The total number of NFT transactions also increased by more than 9% compared to the previous week.
The expansion of Solana’s NFT ecosystem is important as the chain was hit by high-profile desertions not too long ago. DeGods, one of the most valuable NFT pools on Solana, announced last December that it was migrating to Ethereum [ETH] while another collection of y00ts shifted towards Polygon [MATIC].
According to CryptoSlam data, Solana was the second largest destination for NFTs behind market leader Ethereum at the time of writing.
Investors who go long on SOL
SOL’s chain data gave some cause for concern. From a monthly peak of 1.79 billion on Feb. 20, trading volume declined, falling 84% as of press time, according to Santiment.
On the other hand, the funding rates on Binance and dYdX increased, indicating that there was demand for SOL in the derivatives market. This is usually taken as a bullish signal.
Source: Sentiment
Read Solanas [SOL] Price prediction 2023-2024
The bullish sentiment was reflected in the rising Longs/Shorts ratio, according to data from Coinglass. There has been a significant increase in the number of long positions taken in recent days.
At press time, however, SOL was down 2.48% in the 24-hour period, according to CoinMarketCap.
Source: Coinglass
