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Solana network grows in multiple areas: Are the tables turning for SOL

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Solana network grows in multiple areas: Are the tables turning for SOL?
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  • Solana’s NFT ecosystem witnessed growth over the last few weeks.
  • Metrics looked positive, along with an increase in Solana’s TVL.

On 22 January, Solana [SOL] re-entered the top 10 club after several tough weeks of price decline. Growth was noted in a few areas, such as market capitalization and its NFT ecosystem. For instance, Solana Mobile recently introduced the new Saga Pass Cards, which could help further grow Solana’s NFT space.

Read Solana’s [SOL] Price Prediction 2023-24

What’s up with Solana NFTs?

In the official announcement, Solana Mobile mentioned that each week, they would introduce new cards into rotation. The first card would be available only to OG Saga Pass holders, and every week until launch, Solana Mobile will deal a random card to the user’s wallet.

Moreover, SOL also revealed that the Saga Pass Cards collection will be verified on MagicEden soon. Interestingly, SOL’s commendable performance in the NFT space was yet again proven a few days ago, as it ranked second on the list of the top chains by NFT trade volume in the last 30 days.

Santiment’s data also told a similar story as SOL’s total NFT trade counts and total NFT trade volume in USD spiked last week.

Source: Santiment

Realistic or not, here’s SOL market cap in BTC’s terms

A look at SOL

Solana’s price action followed the growth of its NFT ecosystem, as the former increased by nearly 5% in the last seven days. As per CoinMarketCap, at the time of writing, SOL was trading at $24.68 with a market capitalization of more than $9.1 billion. Moreover, DeFiLlama’s data revealed that the network’s total value locked also gained an upward momentum since the beginning of this year, which looked promising.

Solana’s performance on its metrics front also remained in its favor during the last week. Demand from the derivative market increased as its DyDx funding rate went up. Positive sentiments around SOL spiked in the past few days as well, reflecting the community’s trust in the network.

However, SOL’s development activity decreased sharply, which was a negative signal. 

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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