- Despite outperforming BTC and ETH, the number of buyers and sellers of SOL NFTs has decreased.
- SOL has risen 4% in the past 24 hours, but some indicators have shown bearish trends.
Solana [SOL]which has been in the spotlight recently for its high network activity, has once again achieved success in the NFT ecosystem.
Blockchain has managed to surpass top players such as: Bitcoin [BTC] and Ethereum [ETH] In key sectors, stock prices are also trending upwards.
Solana’s Promising NFT Performance
SolanaFloor, a popular X-handle that posts updates about the blockchain ecosystem, recently Tweet It highlights an interesting development.
According to a tweet, Solana has surpassed all other blockchains in days of user adoption of the NFT blockchain. The number of SOLs has increased by about 34% in the past 24 hours. polygon [MATIC] Ethereum also made it into the top three on the same list.
AMBCrypto’s DappRadar Insights data Frogana, Retardio Cousins, and SMB Gen2 were revealed to be the top three NFT collections on Solana in the past 24 hours.
According to data from Sanrtiment, the number of NFT transactions on SOL has surged in the past week. USD-denominated NFT trading volume has also increased over the past few days.
Source: Santiment
AMBCrypto’s analysis of CRYPTOSLAM data revealed that Solana also saw an increase in NFT sales last week – the number increased by 8% to be exact.
But it hasn’t all been good: For example, the number of NFT sellers on SOL fell by 59% last week, and a similar downward trend was seen in the number of NFT buyers on SOL, whose numbers fell by over 66%.
Source: CRYPTOSLAM
SOL is getting bullish
While all this was happening, Solana bulls continued to gain momentum as the daily chart remained in the green.
according to CoinMarketCapSOL price has risen by over 4% in the past 24 hours. At the time of writing, SOL is trading at $146.67, making it the fifth-largest cryptocurrency with a market cap of over $68 billion.
However, SOL may soon lose its bullish momentum. At the time of writing, Fear and Greed Index This came in at 68%, meaning the market was in the “fear” stage.
When the indicator reaches this level, it signals a likely price correction.
Therefore, AMBCrypto decided to take a look at the daily chart of SOL to get a better understanding of what to expect from this token. According to our analysis, the technical indicator MACD showed a bullish dominance in the market.
Is your portfolio green? SOL Profit Calculator
The Relative Strength Index (RSI) is indicating an upswing and has further increased from the neutral level, indicating a continued rise in prices.
Nevertheless, Chaikin Money Flow (CMF) is trending downwards, which may limit SOL price gains in the coming days.
Source: TradingView
