As SOL drops 5% in 24 hours, can Solana NFTs save the day?

• Solana’s NFT commerce depend and commerce quantity in USD spiked. 
• SOL was down by over 6%, and indicators regarded bearish.

Solana’s [SOL] NFT ecosystem flourished over the past seven days as a number of key metrics surged. This occurred at a time when its native token misplaced over 5% of its worth in 24 hours.

Nonetheless, will the blockchain’s achievements within the NFT ecosystem have any oblique constructive impression on SOL’s value?

Solana NFTs increase!

AMBCrypto’s have a look at CryptoSlam’s data revealed that Solana’s NFT ecosystem witnessed development on a number of fronts over the past week. For example, its NFT gross sales quantity spiked by greater than 40%.

The same growing pattern was additionally famous when it comes to the variety of sellers and consumers, as they grew by over 71% and 62%, respectively.

Supply: CRYPTOSLAM

Different datasets additionally painted an analogous image of development. AMBCrypto’s evaluation of Santiment’s information identified that Solana’s whole NFT commerce counts elevated final week.

SOL’s NFT commerce quantity in USD additionally spiked considerably, reflecting extra exercise. 

Supply: Santiment

Dune’s information revealed that Solana’s NFT market quantity additionally gained upward momentum over the previous few days, as did its platform charges.

Supply: Dune

To examine which NFT collections carried out one of the best on Solana, AMBCrypto took a have a look at DappRadar’s data.

We discovered that CryptoUndeads, STEPN, and Open Solmap had been the highest three NFT collections on the blockchain up to now seven days.

Apart from these, Frogana and Mad Lads additionally made it to the highest 5 on the identical record.

One other piece of optimistic information was lately revealed for SOL’s NFT ecosystem. Practically 16,000 Solana Saga mobiles have been activated up to now.

Since cell performs a significant function in selling SOL NFTs, this improvement might need a constructive impact on the ecosystem quickly.

virtually 16000 @solanamobile Sagas have been activated 🗣️📱 pic.twitter.com/8igL0XQjdD

— ashen | 959.sol (@notashenone) January 21, 2024

Solana is in a dire state

Whereas the blockchain’s NFT ecosystem boomed final week, the identical was not true for SOL, as its worth dropped. In accordance with CoinMarketCap, SOL was down by greater than 6% within the final seven days.

Within the final 24 hours alone, the token’s value plummeted by over 4%. On the time of writing, SOL was buying and selling at $88.71 with a market capitalization of over $38 billion, making it the fifth-largest crypto.

AMBCrypto then checked SOL’s every day chart to know whether or not it may make a restoration within the days to come back. Its MACD displayed a transparent bearish upper-hand available in the market.

Solana’s Relative Energy Index (RSI) additionally began to go down and was headed additional under the impartial mark at press time. This indicated that the opportunity of an extra downtrend was excessive.

Supply: TradingView

Is your portfolio inexperienced? Take a look at the SOL Revenue Calculator

Aside from the market indicators, buyers’ sentiment round SOL additionally remained bearish. This was evident from the drop in its Weighted Sentiment over the past week.

The value downtrend additionally took a toll on SOL’s recognition, as its Social Quantity dropped. Due to this fact, the opportunity of SOL recovering within the coming days seems slim.

Supply: Santiment