SOL’s price action contrasted with Solana’s NFT activity level after CoinEdition

by James · May 17, 2023

SOL’s Price and Solana NFT rooms are in contrasting behavior.
The Solana NFT ecosystem is vibrant, but SOL’s price action is slow.
In the last 7 days, all top 10 NFTs on Solana have recorded over $13,000 in trading volume.

There is a peculiar contrast between the level of activity in Solana’s NFT space and the price behavior of the blockchain’s original cryptocurrency, SOL. While buzz continues to increase among Solana’s NFT traders, SOL tends toward minimal volatility.

Solana’s original cryptocurrency, SOL, trades within a tight range. Over the past seven days, SOL’s price ranged between $19.81 and $20.84. The current sideways trend is the narrowest range that Solana has traded in since early 2023.

Over the past seven days, all of the top 10 NFT collectibles on Solana have recorded over $13,000 in trading volume. The smallest among them, Degenerate Ape Academy, recorded a trading volume of $13,100, with the highest performer, Mad Lads NFT, accumulating around $87,300 during this period.

Other NFT collectibles joining those mentioned above on Solana’s top 10 list include The Box, with a trading volume of $28,100, and Famous Fox Federation which has traded $23,900 in the last seven days. Solana Monkey Business accumulated $22,500 in trading volume, and Transdimensional Fox Federation reached $19,700 in trading volume.

To complete the list, Sharx by Sharky accumulated $16,800 in trading volume. The Heist earned $16,300, ABC took in $14,100, and Claynosaurz got $13,500.

By NFT trading standards and the current state of the NFT market, these numbers are considered significant enough to represent a vibrant ecosystem. That makes several cryptocurrency participants wonder why the impact of such a level of activity is not reflected in SOL’s price action.

SOL started the year at $9.96 and rose to a yearly high of $27.12, according to data from TradingView. A price correction followed SOL’s rally, establishing a local low of $16.01. Since then, the price has moved sideways in a channel that is steadily narrowing into a symmetrical triangle.

Several SOL users suspect that the coin is building momentum ahead of a move that will reflect the level of activity happening in the Solana ecosystem.

Disclaimer: The views and opinions, as well as all information shared in this price forecast, are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be liable for any direct or indirect damage or loss.