- Multiple new NFT collections were launched on Solana in recent days.
- SOL’s price chart turned green, and market indicators were bullish.
Solana’s [SOL] NFT ecosystem continues to flourish as key NFT metrics registered upticks. Multiple new collections have also been launched on Solana, which can fuel further growth. While the NFT ecosystem thrived, SOL’s market capitalization also recovered sharply as the bulls took over the market.
Realistic or not, here’s SOL market cap in BTC terms
Solana’s NFT space on FIRE!
CRYPTOSLAM’s data revealed that in the last seven days, the number of NFT buyers surged by more than 125%, while the number of sellers increased by 81%. Thanks to this, Solana NFT’s total transactions and sales volume also went up by 36% and 5%, respectively.
Source: CRYPTOSLAM
Santiment’s chart also pointed out a similar growth pattern. Solana’s number of NFT trade counts increased substantially over the last week, as did its total NFT trade volume in USD, which looked encouraging.
Dune’s data also revealed that the number of active wallets also rose, reflecting increased usage and adoption of SOL NFTs.
Source: Santiment
Solana Daily, a popular Twitter handle that posts updates related to the Solana ecosystem, recently posted a tweet that gave hope for the coming days.
Quite a few new collections went live on Solana. As per the tweet, the collections include Portals, Solstead & Citizens, Enviro, Botborgs, and others. The newly launched collections can further help Solana NFTs to grow as they can attract new customers.
New Listings Solana NFTs By Highest Volume (Last 7D)@_portals_@SolsteadsNFT@enviroGallery@Botborgs@heavenland_io@sovanadao@YakuCorp@desolateNFT@SoulDogsNFT@weareLUX_space@hyperspacexyz #Solana $SOL pic.twitter.com/Bq8mWbImef
— Solana Daily (@solana_daily) June 20, 2023
SOL registers double digit growth
While SOL NFTs continued to flourish, the native token’s price action turned bullish. According to CoinMarketCap, SOL’s price increased by more than 10% and 4% in the last seven days and past 24 hours, respectively. At the time of writing, it was trading at $16.75 with a market capitalization of over $6.6 billion.
SOL’s trading volume also increased during that period, which looked bullish. Additionally, the token’s 1-day price volatility shot up, giving hope for a continued uptrend.
Source: Santiment
How much are 1,10,100 SOLs worth today
SOL’s daily chart also revealed quite a few bullish market indicators. For instance, the MACD displayed a bullish crossover. Solana’s Relative Strength Index (RSI) registered an uptick.
The Chaikin Money Flow (CMF) also followed the same trend, which further increased the chances of a northbound price movement. However, the Exponential Moving Average (EMA) Ribbon continued to favor the bears as the 20-day EMA was resting below the 55-day EMA.
Source: TradingView
