Will Solana be able to break into the crowded NFT markets again?

– NFTs that migrated from the Solana ecosystem surprisingly did not affect the blockchain to a large extent

– The Solana ecosystem also witnessed a resurgence of interest from collectors and artists

In recent months, blue chip NFT pools like DeGods and y00ts have moved away from Solana [SOL] and against other cryptocurrency networks, leading to speculation that Solana’s NFT space would suffer.

In recent days, however, there has been a noticeable increase in the number of addresses that characterize Solana NFTs.

Source: Dune Analytics

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On the bright side

It can be inferred that the Solana NFT market may witness a resurgence of interest among collectors and artists. This could balance the decline caused by blue-chip collections moving to other platforms.

As a result of the aforementioned NFTs moving, other gatherings such as Solana Monkey Business and Degen Ape Academy have had an opportunity to stand out on the Solana network.

According to data from Solanafloor, there has been an increase in demand for Solana NFTs, as evidenced by the rising blue-chip index over the past 30 days.

Source: solanafloor

Despite the renewed interest in Solana’s NFT market, the same level of enthusiasm was not observed among players in SOL, the original cryptocurrency of the Solana blockchain.

This drop in staking activity was highlighted by Staking Rewards’ data, which revealed that the number of stakers on the Solana network decreased by 1.66% in the past week.

At the time of writing, there are approximately 585,852 addresses betting Solana.

Soure: Staking rewards

Solana also faced certain challenges in the DeFi sector. One of the main reasons for this was the decrease in trading volume on decentralized exchanges (DEX) operating on the Solana network.

Despite this setback in DEX volumes, Solana’s TVL continued to rise steadily over the past few months. According to DeFiLlama, the current TVL on Solana stands at $95.68 million at the time of writing.

Source: Artemis

Are you planning to sell your SOL?

SOL’s prices have risen significantly in recent weeks, along with volume as indicated by Santiment’s data. But along with the sudden price increase, the volatility of SOL has also increased. This suggested that SOL may be vulnerable to high price fluctuations.

Source: Sentiment