Mad Lads on Solana: Decoding its success and role in boosting SOL

• Solana’s Mad Lads NFT collection drove sales to surpass Ethereum’s Bored Ape Yacht Club.
• Positive impact on Solana’s NFT metrics, including an increase in unique high-value purchases and a recent price upswing.

Solana [SOL] recently made waves in the NFT space and gave Ethereum a run for its money. The launch of an NFT collection on Solana has spiked various metrics, but did it translate to an increase in the value of SOL?

Read Solana (SOL) Price Prediction 2023-24

Solana NFT bosses’ sales volume stats

According to Crypto Slam’s data on NFT collection sales, a Solana blockchain-based collection called Mad Lads has taken the top spot for the past 48 hours.

With over $4 million in sales, it surpassed the popular Ethereum NFT, Bored Ape Yacht Club’s [BAYC], which had over $3.2 million.

Source: Crypto Slam

In addition to the impressive sales figures, the Mad Lads NFT collection on the Solana blockchain recorded over 2,700 transactions and attracted more than 1,500 buyers and sellers.

These numbers far surpass the figures of its closest competitor, the BAYC on Ethereum. The surge in sales helped Solana become the second-highest blockchain for NFT sales volume, with over $5 million in sales and 25,000 transactions, trailing only behind Ethereum.

Solana NFT metrics flash positives

According to data from Crypto Slam, the latest development has positively impacted Solana’s NFT metrics. Based on the data from Santiment, the total sales volume of NFTs in USD has been increasing sharply since March. 

A glance at the chart revealed that while there were some sporadic activities, sales have significantly surged in recent weeks. As of 22 April, the recorded sales exceeded $14 million and as of this writing, they have surpassed $3.9 million.

To put this into perspective, the highest sales in the last ten months before the March spikes were only $7.01 million.

Source: Santiment

Additionally, in a promising turn of events, the number of unique addresses that purchased NFTs worth over $100,000 on Solana has increased after months of stagnancy.

As of this writing, only one such address was recorded. But on 22 April, the number jumped to 19 and it peaked at 35 on 13 April. Also, this trend signifies a shift from the previous status quo of NFT sales, and it is a positive development worth noting.

Source: Santiment

How many are 1,10,100 SOLs worth today?

Impact on SOL?

Over the past 48 hours, Solana experienced a gain of nearly 4%, as indicated on the daily timeframe chart. As of this writing, it was trading at approximately $22.06, representing a gain of over 1%.

This recent upswing propelled its price movement above the short and long Moving Averages. They now served as support levels around the $21 and $20 price regions.

Source: TradingView