Are Solana NFTs Saving The Industry In This Bear Market?

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Solana NFTs have experienced a surge in trading volume lately. In addition, SOL’s price has also increased. Could Solana NFTs save the bear market? Here’s everything you need to know.

TL;DR

  • Solana NFTs experience a surge in trading volume, signaling growth in the ecosystem.
  • SOL’s price shows a positive surge in the last 24 hours, boosting investor confidence.
  • Solana supporters find optimism in SOL’s strong performance and the high demand it generates in the derivatives market, despite the potentially short-lived nature of the current uptick.
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Could Solana Save The Bear Market?

Solana Surges Thanks to NFTs

Solana has experienced a resurgence thanks to the rise of its NFTs. In the past few weeks, there has been a notable increase in trade counts and trade volume for Solana NFTs. Interestingly, the price of SOL has also seen a positive surge within the last 24 hours.

The growing popularity of Solana NFTs is evident from the latest data sets, showcasing optimistic growth for the ecosystem. Notably, the Twitter account Solana Daily showed that Magic Eden NFT Marketplace boasted the highest number of active users in the past seven days.

Furthermore, examining the blockchain’s metrics reveals a similar story of growth. Data from Dune Analytics indicates that Solana NFTs have experienced an upturn in the total number of transaction counts and transaction volume in recent weeks. Remarkably, Solana NFT sales volume increased by more than 26% in the past seven days, with a significant rise of over 30% in the number of NFT buyers and sellers.

How About SOL?

Investors have also been pleased as the price of SOL has shown a bullish trend, having surged by nearly 2% in the last 24 hours. At present, SOL is trading at $16.27 with a market capitalization surpassing $6.5 billion.

However, it’s crucial to note that the current surge may have a short-lived duration due to the typical decline in trading volume, which typically signals a bearish trend. Solana’s one-week price volatility suggests a potential end to the uptick, although the open interest in SOL has increased. Thus, indicating the possibility of a continued price trend.

Additionally, SOL’s high Binance funding rate reflects its demand in the derivatives market, further reinforcing investors’ confidence in the token.

No one can predict what will happen next in this market. However, it’s nice to receive some good news for a change. If you’re a Solana maxi, then you’ll be pleased with its recent performance.

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