How Solana flipped Ethereum, Bitcoin in NFT Adoption

by
    Despite outshining BTC and ETH, SOL’s number of NFT sellers and buyers dropped. 
    SOL was up by 4% in the last 24 hours, but a few metrics looked bearish. 

As a seasoned cryptocurrency analyst with years of experience observing market trends and studying blockchain technology, I find Solana’s recent development in the NFT ecosystem truly remarkable. Despite the impressive increase in daily NFT user adoption on Solana, a few metrics have given cause for concern.

Recently, the spotlight has been on Solana [SOL] due to its increased network activity. Notably, it has recently made strides in the Non-Fungible Token (NFT) sector once more.

The blockchain stands out among heavyweights such as Bitcoin and Ethereum in a significant aspect, while its market trends have recently taken a bullish turn.

Solana’s promising NFT performance 

Recently, SolanaFloor, a well-known Twitter account that shares news about the Solana blockchain community, brought attention to an intriguing advancement.

Read more$70 million in 24 hours: Can Ethereum crack $4,000 thanks to whales?

According to the tweet, Solana surpassed other blockchains in daily NFT user adoption growth. Specifically, Solana’s user base expanded by approximately 34% within the last 24 hours. Alongside Solana, Polygon (MATIC) and Ethereum were among the top three blockchains on this list.

According to DappRadar’s recent analysis by AMBCrypto, Frogana, Retardio Cousins, and SMB Gen2 emerged as the leading NFT collections on the Solana blockchain within the past 24 hours.

According to Sanrtiment’s findings, there was a significant increase in SOL‘s NFT trading activity the past week. Additionally, the NFT trading volume in US dollars for SOL has grown substantially during the past few days.

Read moreBitcoin halving could be a ‘sell-the-news’ event, at least for a few months

Last week, CRYPTOSLAM’s data, as analyzed by AMBCrypto, indicated a noteworthy surge in NFT sales for Solana. Specifically, there was a 8% rise in volume.

While there were some positive signs, there were also concerning developments. For example, the number of NFT sellers on the Solana platform decreased by approximately 59% last week. Similarly, the number of NFT buyers showed a significant decline, with over 66% fewer transactions compared to the previous week.

SOL turns bullish

While all this happened, Solana bulls buckled up as its daily chart remained green.

As a researcher, I’ve discovered that Solana (SOL) experienced a significant price surge of more than 4% within the past 24 hours, based on data from CoinMarketCap. At present, SOL is being exchanged at around $146.67. With a market capitalization exceeding $68 billion, it currently ranks as the fifth largest cryptocurrency in terms of market value.

Read morePEPE flips Optimism: Can OP emerge from the memecoin mania?

Based on my extensive experience in cryptocurrency markets and analysis of various indicators, I have noticed that Solana (SOL) has been showing some bullish signs recently. However, I cannot ignore the fact that its fear and greed index is currently at a reading of 68%. Having closely monitored market trends for several years, I’ve learned that such a high fear percentage often indicates a potential shift in market sentiment towards caution and fear. While it’s important to remember that no single indicator can predict the future with certainty, this development warrants closer attention and consideration for those invested in or considering investing in SOL.

Whenever the metric hits this level, it suggests that the chances of a price correction are high.

Based on our examination of Solana’s (SOL) daily price chart, AMBCrypto intends to gain insights into the token’s future trends. According to our assessment, the Moving Average Convergence Divergence (MACD) indicator suggests a bullish outlook in the market.

As a researcher studying market trends, I’ve observed that the Relative Strength Index (RSI) has recently spiked upward and is moving towards higher values, signaling a persistent price rise.

Despite a declining Chaikin Money Flow (CMF), Solana’s (SOL) price advancement might be hindered in the near term.

Read More

2024-07-15 07:03