Reasons why Solana NFTs may have something more in store this bear season

According to data from the analysis platform Sentiment, Solana [SOL] reached NOK 1.65 million NFT sale as of 26 September. This was the highest it was at in September. But can Solana’s growth in the NFT space keep SOL afloat?

As can be seen from the image below, Solana’s NFT’s volume has grown steadily over the past month. Some of the hype behind this spike in NFTs can be attributed to Solana’s best performing NFTs gods and the recently introduced y00ts NFTs.

Source: Sentiment

These NFTs not only helped pump up the volume, but also helped increase the total floor value of Solana’s marketplace.

Solana’s NFT growth can also be indicated by the increase in the total floor value of the Solana NFT marketplace. The rise in value began on 21 August when the total floor value was 341,806,095. At the time of writing, this value has gone all the way up to 518,927,609.

Source: Solanafloor

Furthermore, it can also be observed from the image below the total floor value of NFTs in the Solana market that has seen significant growth in the last month.

But that’s not all. The number of Solana NFTs issued was also on the rise. In accordance everstake pool, a decentralized the supplier of stakes, the number of minted Solana NFTs also witnessed significant growth.

Moreover, society tweeted on September 25th on how a massive uptick was seen in Solana NFTs released on their NFT platform metaplex. The platform witnessed 1,219,289 of Solana NFT’s releases in the past week. This can be taken as another sign of growth for Solana’s marketplace.

On a sour note…

Despite everything going sunny for Solana, there were also some alarming factors to look out for. The number of traders, buyers and sellers has witnessed a sharp decline in the level of activity in recent days. This may be perceived as a bearish indicator by some investors.

Source: Solana Floor

Although Solana’s NFTs did very well, SOL was not very impressive in this bearish market.

SOL is currently trading at $32.72 at the time of writing and is up 7.2% in the last 24 hours. Furthermore, the volume has weakened by 64% in the last seven days. However, Solana’s market dominance witnessed an increase and saw an impressive increase of 7.49% in the last week.

Solana happens to be responsible for 1.16% of the total crypto market share. Although Solana’s volatility has been on the decline, readers are advised to exercise caution before entering into a trade.

Examine Solana’s energy consumption can be a good start for investors to get a better understanding of what the future looks like for SOL.