Solana’s NFT ecosystem is at the forefront; can SOL demand the same
- Solana NFT’s market share was 13% measured in sales volume. Sales reached their record high level in November
- According to Dune, daily purchases on Solana NFT marketplaces recorded a decline
Solana’s [SOL] The NFT ecosystem has gained the attention of many over the past few weeks as it achieved a number of milestones that looked promising for the network. One of these achievements was Solana’s NFT sales which reached a record high of 6.7 million in November.
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In November 2022, Solana NFT’s Sales has reached a new ATH in SOL volume.
5/2022: 5.6 million $SOL
11/2022: 6.7 million $SOLSolana’s cash flow returns strongly to the NFTs segment.
Data: @tiexohq pic.twitter.com/Kd6Y0RsKpW
— Solana Daily (@solana_daily) 6 December 2022
Read Solana’s [SOL] Price prediction 2023-2420
Wait…there’s more.!!!
Not only this, but several updates released on the Solana ecosystem also added a lot of value to the blockchain. For example, from November, Solana NFT’s market share was currently 13% measured in sales volume among the top blockchains.
Furthermore, Magic Eden remained the main player in the area with a market share of 90% of transactions at Solana. An interesting development was also noted as Solana NFT’s Blue Chip experienced a sharp increase in price and trading volume after the FTX episode, which rocked the entire cryptocurrency market.
According to DappRadar’s data, over the past 30 days, the y00ts collection was the most traded, with sales increasing by nearly 280%. Furthermore, y00ts also made the list of the top 10 NFT collections by volume in the last month.
⚡️Top 10 #NFT Collections by volume (30d)
5 December 2022#BAYC #CryptoPunks #MAYC $GODS $APE #y00ts #CloneX pic.twitter.com/eMj0nnOG0e— 🇺🇦 CryptoDep #StandWithUkraine 🇺🇦 (@Crypto_Dep) 5 December 2022
While all of these updates were positive, data from Dune Analytics revealed a setback for Solanaits NFT ecosystem. According to Dune, daily purchases on Solana NFT marketplaces have seen a decline in recent months, which did not look good.
Source: Dune
SOL can also be affected!
While all this development was happening, SUNThe price did not show much impact as the price continued to decline. According to CoinMarketCap, SOL recorded more than 3% negative growth and at press time was trading at $13.59 with a market capitalization of over $4.95 billion.
Solana’s volume also dropped significantly in the last month, which was another negative signal. Nevertheless, Santiment’s chart hinted that things could improve for Solana soon, as a few of the metrics on the chain supported a price increase.
Solana received some interest from the derivatives market as the Binance funding rate rose over the past 30 days. Not only that, but development activity also increased, which was pretty much a green flag.
Source: Sentiment
