Solana NFT Sales Skyrocket: Forecasting SOL’s Next Move

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Solana’s NFT ecosystem witnessed a significant boost, with a 125% surge in the number of buyers and over 100,000 SOL in trading volume, despite a slight decline in sales volume.

Meanwhile, SOL’s price saw a nearly 10% drop, but technical indicators suggest a potential rebound to $162.

Solana [SOL] has recently achieved a significant milestone within the NFT ecosystem, witnessing a surge in the number of NFT buyers by more than 125%. This promising development in the blockchain’s NFT space might be an indicator of positive momentum for SOL, despite its current bearish trend. Let’s delve into the latest updates and their potential impact on SOL’s price trajectory.

Solana NFTs’ Latest Achievement

SolanaFloor, a well-known X (formerly Twitter) handle dedicated to providing updates about Solana’s ecosystem, recently highlighted an intriguing development. According to their recent tweet, Solana crossed over 100,000 SOL in NFT trading volume over the last seven days. This remarkable achievement underscores the growing interest and activity within the Solana NFT marketplace.

Further supporting this positive trend, data from CRYPTOSLAM revealed a substantial 125% increase in the number of NFT buyers on Solana over the past week. In addition to buyers, the number of NFT sellers also saw a notable increase of more than 66% within the same timeframe. Among the top-performing NFT collections were MadLads, Famous Fox Federation, and STEPN, with MadLads leading the pack.

However, despite the substantial rise in the number of buyers and trading volume, it is noteworthy that Solana’s NFT sales volume experienced a slight decline of over 4%. Santiment’s data also indicated a drop in SOL’s NFT trade counts last week. This mixed performance suggests that while interest and activity are up, the actual sales volume has not mirrored this enthusiasm.

Market Indicators: A Potential Price Rebound for SOL?

While Solana’s NFT ecosystem showed growth on several fronts, the same cannot be said for its native token, SOL. CoinMarketCap’s data indicated a nearly 10% decline in SOL’s price over the past seven days. As of the time of writing, Solana was trading at $137.34, with a market capitalization exceeding $62 billion, making it the fifth-largest cryptocurrency.

The significant price drop adversely affected SOL’s social metrics, with a sharp decline in its Weighted Sentiment, reflecting a dominant bearish sentiment in the market. However, there are signs that this bearish trend might be on the verge of a reversal.

Data from CFGI.io revealed that SOL’s fear and greed index was at 30%, indicating that the market was in a “fear” phase. Historically, such levels have often preceded a price increase. Additionally, AMBCrypto’s analysis of SOL’s daily chart revealed that the price had touched the lower limit of the Bollinger Bands, a technical indicator often associated with a potential price rebound. Furthermore, an uptick in the Relative Strength Index (RSI) provided additional hints towards a possible price hike.

Should a trend reversal occur, Solana’s price might potentially rise to $162 in the coming days, signaling a positive shift for investors and the broader market.

The post Solana NFT Sales Skyrocket: Forecasting SOL’s Next Move appeared first on Crypto News Focus.

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