Will Solana’s growth in the NFT area reflect SOL’s price chart? Considering…

by James · May 17, 2023

MadLads was the top selling Solana NFT collection over the past seven days.
SOL’s MACD and RSI looked bullish, but the CMF suggested otherwise.

Solana’s [SOL] The NFT ecosystem has witnessed massive growth in the last seven days as indicated by the latest data. In accordance CRYPTOSLAMincreased the number of Solana NFT buyers and sellers by more than 100% last week.

Source: CRYPTOSLAM

Read Solana’s [SOL] Price prediction 2023-24

Not only that, but the number of total transactions also increased slightly. However, the blockchain’s NFT sales volume decreased last week.

Interestingly, as the overall crypto market turned slightly bullish, SUN‘s price chart also turned green. Will Solana’s performance in the NFT space have a further impact on SOL’s price?

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A closer look at Solana NFTs

Solana Daily posted a tweet on May 16 highlighting the NFT collections that contributed significantly to the growth that Solana’s NFT space recorded.

According to the latest tweet, MadLads was sitting in first place on the list of most traded NFT collections on Solana for the last seven days.

Top selling NFT collectibles at Solana Last 7D

🥇 @MadLadsNFT
🥈 @TheHoopasNFT
🥉 @FamousFoxFed @SolanaMBS #Transdimensional Fox Federation@SharkyFi @playtheheist @ABC123Community @Claynosaurz @DegenApeAcademy @MagicEden #Solana $SOL pic.twitter.com/hwuuIOkRgo

— Solana Daily (@solana_daily) 16 May 2023

MadLads recorded a trading volume of over 87,000 which was encouraging. The Box and Famous Fox Federation took second and third place respectively on the list.

NFT measurements on par

Dune’s data pointed out that the number of daily active addresses on Solana NFT marketplaces remained stable. This was optimistic, as it suggested that more users were actually sticking to the blockchain.

In addition, transactions per program also remained relatively high.

Source: Dune

According to Santiment, the blockchain’s total number of NFT trades increased significantly in the past week. Blockchain total trading volume in USD also followed the same trend, registering gains over the seven days.

Source: Sentiment

Solana is on the mend

Thanks to the change in market sentiment, most cryptos, incl SUN, managed to turn the charts green.

CoinMarketCap’s data revealed that SOL’s price increased by 0.5% in the last 24 hours. At press time, it was trading at $20.96 with a market capitalization of over $8.2 billion.

SOL’s demand in the futures market was also high, as evidenced by the green Binance funding rate. However, its popularity seemed to decline recently as its social dominance declined.

Source: Sentiment

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The possibility of a continued wave is high

A look at Solana’s daily chart revealed quite a few market indicators that were bullish. For example, the MACD showed the possibility of a bullish crossover.

SOL’s relative strength index (RSI) recorded an increase and went towards the neutral mark. However, Chaikin Money Flow (CMF) looked worrisome as it went down.