- Solana’s NFT sales volume and transactions dipped last month.
SOL’s price action remained bearish, and indicators suggested a further price drop.
As an observer with experience in the crypto market, I’ve noticed that Solana (SOL) has been a standout player in the NFT space for the past year. However, things have started to change recently. Solana’s NFT sales volume and transactions have seen a significant dip last month, and its total number of buyers and sellers also decreased. These metrics were once among the strongest indicators of SOL’s success in this arena.
For approximately a year, Solana’s [SOL] NFT sector experienced uninterrupted growth and excellence, surpassing its competitors within the blockchain industry. However, over the past month, metrics associated with Solana’s NFT sector have shown a noticeable decrease. Simultaneously, the price trend for the token has become bearish.
Solana’s NFT ecosystem is shining bright
As a dedicated researcher studying the dynamic world of blockchain technology, I’ve come across the intriguing handle, SolanaFloor, known for its insightful updates. Recently, they drew my attention with a noteworthy tweet, bringing to light the impressive progress made by Solana (SOL).
Based on the information from the tweet, I observed that SOL led the way among all chains, including Bitcoin, Ethereum, and Polygon, in terms of annual growth in NFT blockchain user adoption.
Over the past year, the user base of SOL expanded by approximately one-third (33%), whereas Matic, Bitcoin, and Ethereum experienced growth in their user numbers to the tune of 29%, 10%, and 21% respectively.
According to DappRadar’s findings, as examined by AMBCrypto, the NFT collections of MadLads, Frogana, and Sharx from sharky.fi emerged as the most popular on the Solana blockchain, potentially playing a significant role in the platform’s recent success.
Although Solana (SOL) had pledged consistent growth throughout the year, recent developments indicated a shift in this trend. An analysis conducted by AMBCrypto using Cryptoslam’s data revealed that SOL experienced a significant decrease in NFT sales volume, totaling over 36% last month. Additionally, the number of buyers and sellers on the platform also saw a decline.
As a researcher studying the Solana blockchain, I’ve observed a significant decrease in NFT transactions. Specifically, the total number of NFT transactions has dropped by approximately 11% according to available data. Moreover, Santiment’s data aligns with this trend, revealing a noticeable decline in SOL‘s NFT trade count over the past month.
Solana investors need to worry
The NFT statistics for Solana experienced a decline, and this trend was reflected in the token’s price action. Based on data from CoinMarketCap, Solana’s price decreased by more than 25% over the past month.
As a researcher, I’ve noticed that in just the past day, the value of the token has decreased by 7%. At present, Solana (SOL) is being traded at $145.55 and boasts a market capitalization exceeding $65 billion, ranking it as the fifth largest cryptocurrency.
The reduction in price led to a drop in SOL‘s social engagement as well. Over the last month, the social media buzz surrounding Solana (SOL) decreased significantly, indicating a decline in its standing among crypto community members.
The sentiment towards Solana, as indicated by its weighted score, was predominantly negative for most days. This finding underscores the prevalence of pessimistic views among investors regarding the token in the market.
As a researcher, I delved into the daily chart analysis of Solana’s token at AMBCrypto. The trend appeared bearish, so I examined its Relative Strength Index (RSI) and Money Flow Index (MFI) indicators to ascertain if this downtrend would persist. I discovered that both these indices were on a downward trajectory, moving further below their neutral thresholds.
Read Solana’s [SOL] Price Prediction 2024-25
I noticed that the token’s price remained below its 20-day Simple Moving Average (SMA) according to the Bollinger Bands indication.
Based on the technical indicators, it seemed likely that the price of SOL could continue to decline in the near future.
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2024-04-26 08:34