Solana [SOL] registers fall despite new collaboration: What is happening?

• Despite Solana’s phone launch getting closer, sentiment towards Solana remained negative.
• SOL prices continued to fall, combined with a drop in volume.

Despite negative press such as Solana [SOL] received for its numerous downtimes over the months, the network has continued to make new additions to the technology.

Read Solanas [SOL] Price prediction 2023-2024

Solana stated in a tweet on April 30 that they would launch the phone in partnership with Helium [HNT] on the 4th of May. Despite the upcoming launch of this new product, Solana failed to gain much traction on the social media front.

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Helium’s blockchain-based cell carrier will be launched on 4 May 📱

— Solana (@solana) 30 April 2023

SOL’s calculations suggest…

According to LunarCrush’s data, social engagements for Solana dropped by 9% in the past week. The number of mentions for Solana also decreased by 4.1% in the same period.

Data provided by Santiment showed that the weighted sentiment for Solana was negative. This suggested that the outlook of most crypto users towards Solana was pessimistic.

In addition, the last few days have seen a significant drop in the price of SOL. According to CoinMarketCap, Solana’s trading value was $22.21, reflecting a decrease of 4.74% in the last 24 hours. Along with the price drop, the total volume of the SOL token also decreased from 1.19 billion to 498.04 million.

Source: Solana

But despite falling sentiment and prices, stakers continued to show support for Solana. According to the data from Staking Rewards, the number of stakers participating in the Solana network witnessed an increase of 4.67% last week.

As of the current moment, the number of addresses that set Solana was 619,623.

Realistic or not, here is SOL’s market cap in BTC terms

Source: Staking Rewards

Spilled NFTea

As for Solana’s NFT marketplace, there were instances of both favorable and unfavorable events for Solana in this domain.

Blue Chip Solana NFTs were observed to gain a large amount of traction over the past 90 days, with volumes starting to rise and interest in them increasing significantly.

Source: solanafloor

Although Blue Chip Solana NFTs did relatively well, the same could not be said for the overall state of Solana’s NFT market. According to solanafloor’s data, the total volume of Solana NFTs fell, combined with the average floor price, which also took a hit.

This indicated that only the NFTs observed interest, while other smaller projects saw no growth in the Solana market.

Source: solanafloor