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Can Solana’s NFT space manage to restore SOL’s position in the crypto market

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Will these updates in the NFT space be enough to restore SOL’s past glory? 
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  • Solana’s weekly chart was green and the metrics supported a positive outlook
  • On the other hand, SOL’s Bollinger Band and RSI flashed bearish signals

Solana [SOL] has been drifting away from the top ten list of cryptocurrencies in terms of market capitalization for quite a few weeks now. Though Solana failed to impress its investors, growth was witnessed in its NFT ecosystem.

Several new NFTs were listed on Solana over the last week, including Claynosaurz, Panda, Pixel Boy, Moo Doo, ACF, and many others. 

Read Solana’s [SOL] Price Prediction 2023-2024

Interestingly, Dune’s data revealed that Solana’s NFT transaction volume went up lately. Magic Edan revealed one possible reason for this increase when it congratulated y00ts NFT on reaching over 2,100,000 SOL in trade volume. However, a slight decline was noticed in Solana’s active wallets. 

Santiment’s data regarding SOL’s NFT space was not very promising, as according to its chart, SOL’s total NFT trade count and trade volume in USD went down over the last week. 

Source: Santiment

Can Solana NFT help SOL?

Considering the nature of these developments, a positive update came in for SOL as its weekly chart was painted green. As per CoinMarketCap, SOL’s price increased by 4% over the last seven days, and at press time, it was trading at $13.73 with a market capitalization of more than $4.9 billion.

Nonetheless, a look at SOL’s daily chart revealed that the blockchain’s troubles were far from over. When considering the movement of the Bollinger Bands, it could be seen that SOL’s price had entered a squeezed zone. This minimized the chances of a northbound breakout.

Furthermore, SOL’s Relative Strength Index (RSI) rested way below the neutral mark. This was yet another bearish signal. The Moving Average Convergence Divergence (MACD) gave some hope as it displayed a bullish crossover. Thus, making way for a continued price surge.

Source: TradingView

The metrics might be helpful

While the market indicators were not in favor of Solana, a few of the on-chain metrics displayed some promising information. For instance, after a sharp decline, SOL’s development activity went up in the last few days, which was by and large a positive signal for a network.

SOL also managed to remain popular in the crypto community as its social volume was up. Furthermore, Solana’s Binance funding rate also registered an uptick lately, thus indicating higher interest from the derivatives market.

 

Source: Santiment

 

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Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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