Skip to content
Crypto News Focus logo CNF_CRYPTO_NEWS_FOCUS_LOGO 8

Crypto News Focus

your day to day crypto news site

Primary Menu
  • Home
  • News
    • Bitcoin News
    • Ripple XRP news
    • Ethereum News
    • Cardano News
    • Shiba Inu News
    • Pi Network News
    • More
  • Analysis
  • PR Desk
  • About Us
  • General Policy & Privacy
  • Guides
    • Bitcoin Guides
    • Pi Network Guide
    • Cardano Guide
  • Politics
  • Tech
  • Home
  • News
  • Solana NFT Sales Skyrocket: Forecasting SOL’s Next Move
  • News

Solana NFT Sales Skyrocket: Forecasting SOL’s Next Move

Dennis Gatheca 22 June 2024
Sollana logo on blue background
  • Solana’s NFT ecosystem witnessed a significant boost, with a 125% surge in the number of buyers and over 100,000 SOL in trading volume, despite a slight decline in sales volume.
  • Meanwhile, SOL’s price saw a nearly 10% drop, but technical indicators suggest a potential rebound to $162.

Solana [SOL] has recently achieved a significant milestone within the NFT ecosystem, witnessing a surge in the number of NFT buyers by more than 125%. This promising development in the blockchain’s NFT space might be an indicator of positive momentum for SOL, despite its current bearish trend. Let’s delve into the latest updates and their potential impact on SOL’s price trajectory.

Solana NFTs’ Latest Achievement

SolanaFloor, a well-known X (formerly Twitter) handle dedicated to providing updates about Solana’s ecosystem, recently highlighted an intriguing development. According to their recent tweet, Solana crossed over 100,000 SOL in NFT trading volume over the last seven days. This remarkable achievement underscores the growing interest and activity within the Solana NFT marketplace.

Further supporting this positive trend, data from CRYPTOSLAM revealed a substantial 125% increase in the number of NFT buyers on Solana over the past week. In addition to buyers, the number of NFT sellers also saw a notable increase of more than 66% within the same timeframe. Among the top-performing NFT collections were MadLads, Famous Fox Federation, and STEPN, with MadLads leading the pack.

However, despite the substantial rise in the number of buyers and trading volume, it is noteworthy that Solana’s NFT sales volume experienced a slight decline of over 4%. Santiment’s data also indicated a drop in SOL’s NFT trade counts last week. This mixed performance suggests that while interest and activity are up, the actual sales volume has not mirrored this enthusiasm.

Market Indicators: A Potential Price Rebound for SOL?

While Solana’s NFT ecosystem showed growth on several fronts, the same cannot be said for its native token, SOL. CoinMarketCap’s data indicated a nearly 10% decline in SOL’s price over the past seven days. As of the time of writing, Solana was trading at $137.34, with a market capitalization exceeding $62 billion, making it the fifth-largest cryptocurrency.

The significant price drop adversely affected SOL’s social metrics, with a sharp decline in its Weighted Sentiment, reflecting a dominant bearish sentiment in the market. However, there are signs that this bearish trend might be on the verge of a reversal.

Data from CFGI.io revealed that SOL’s fear and greed index was at 30%, indicating that the market was in a “fear” phase. Historically, such levels have often preceded a price increase. Additionally, AMBCrypto’s analysis of SOL’s daily chart revealed that the price had touched the lower limit of the Bollinger Bands, a technical indicator often associated with a potential price rebound. Furthermore, an uptick in the Relative Strength Index (RSI) provided additional hints towards a possible price hike.

Should a trend reversal occur, Solana’s price might potentially rise to $162 in the coming days, signaling a positive shift for investors and the broader market.

Continue Reading

Previous: Netdex: Revolutionizing Logistics and NFTs on Layer 1 Blockchain
Next: Cardano (ADA) and XRP Rebound: The Hidden Risks of Rising Short Positions

Related Stories

Monero XMR Highlight_simple_compose
  • Analysis

Monero XMR Is Heating Up Aiming $500 Now After Bullish Surge

Simon Njenga 3 June 2025
shiba inu
  • Analysis

Shiba Inu’s Massive Token Burn Sparks Hopes for 500% Price Rally

Jane Kariuki 3 June 2025
dogecoin on marbles
  • Analysis

Dogecoin Under $0.25: Smart Buy or Risky Bet?

Dennis Gatheca 3 June 2025

For general inquiries, please email us at Info@cryptonewsfocus.com

Crypto news focus is your day-to-day crypto news site. Get all the latest News and trends in the crypto, blockchain, and DeFi space. For more info and inquiries, reach out via email at info@cryptonewsfocus.com

You may have missed

Monero XMR Highlight_simple_compose
  • Analysis

Monero XMR Is Heating Up Aiming $500 Now After Bullish Surge

Simon Njenga 3 June 2025
shiba inu
  • Analysis

Shiba Inu’s Massive Token Burn Sparks Hopes for 500% Price Rally

Jane Kariuki 3 June 2025
dogecoin on marbles
  • Analysis

Dogecoin Under $0.25: Smart Buy or Risky Bet?

Dennis Gatheca 3 June 2025
Litecoin coins
  • Guide

How to Keep Your Litecoin Secure with Simple Safety Tips

Jane Kariuki 3 June 2025

Social Media

Crypto News Focus © All rights reserved | MoreNews by AF themes.
Go to mobile version
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.Ok