Solana [SOL]: Went NFT volume, selling went wrong in the middle of the market’s recovery

Solana [SOL] NFT investors were among the most profitable investors in the first quarter (Q1) of 2022. According to data from MessariSolana experienced growth in many aspects during that time.

Despite a fall in crypto prices in the second quarter (Q2), Solana remained on the top to accumulate massive trading volume.

Interestingly, at the time of writing, the price of SOL increased by 37.25% over the past seven days. However, in the previous 24 hours of press time, the layer-1 (L1) cryptocurrency registered a growth of 5.83%.

But what is happening on the NFT front

Leading Solana NFT data platform Solana Floor reported that most collections had not improved significantly. Investors would most likely have expected an increase in sales, volume or floor price.

However, there has been more than one decline than giving in to expectations. According to the Solana Floor analysis, 24-hour volume across Solana NFTs was 109,220 SOL, valued at $4,874,482 at press time – down 6% from July 19.

Solana NFT 24 Hour Volume | Source: Solana Floor

However, the trade witnessed a surge in the early hours of July 20. Sellers’ activities outweighed those of buyers. Based on available data, Solana NFT sellers accounted for 44% of sales, while buyers took 39%. The remaining 17% represented NFT flipping traders.

A look at the blue-chip collections of the Solana chain has not been encouraging either. DappRadar reported that leading NFT collections, Primates, have fallen 7.14% in sales and 11.17% in trading volume.

Similarly, DeGods and OkayBears have had their floor price trading below previous prices at a decline of 6% and 20%.

Traders on major marketplaces have also reduced. MagicEden had a decrease of 6.64%, and Solanart with a decrease of 66.67%.

Top 10 Solana NFT Collections | Source: Solana Floor

Checks or balances

Despite the dismal performance of Solana NFTs, the open source blockchain continues to collaborate with other NFT projects.

NFT is back at @Lollapalooza! 🎶

Join the Solana Foundation Treasure Hunt to collect Dopamine NFTs and redeem them at the Solana Compound for VIP passes, swag and more!

Lolla participants: Create a wallet and create your first free NFT on pic.twitter.com/ge1r0Pyw4K

— Solana (@solana) 19 July 2022

At press time, the sales and volume trajectory had not shown any significant improvement. With the crypto market still in the green for the third day in a row, it may be valid that the NFT season is not yet back.

Investors may just be hoping that the SOL price rise affects their NFT holdings positively.