Connect with us
Active Currencies 14719
Market Cap $2,663,478,703,080.34
Bitcoin Share 51.49%
24h Market Cap Change $4.92

Solana NFT market update – Why SOL’s hike to $160 may have done the trick

2min Read

Solana NFTs could see their values increase if SOL’s price keeps climbing the way it has been.

Solana NFT first-time wallets surge over 30% amid market growth

Share this article

  • Solana NFT first-time wallets grew by over 30%
  • SOL’s price re-entered the $160-zone on the charts

There has been a significant surge in first-time wallets engaging with Solana NFTs over the last seven days, particularly within top collections. This uptick in activity indicates growing interest and participation in the Solana NFT ecosystem. While other metrics have also recorded hikes in recent days, metrics such as transaction volume and activity, Solana is still ranked behind major platforms like Bitcoin and Ethereum.

Solana NFT attracts more first-time users

As per recent data from Tiexo, there has been a slight hike in Solana NFT volumes over the last seven days, primarily driven by top collections. At the time of writing, the volume was around $28.72 million. This pointed to a 1.43% increase, compared to the previous week. Similarly, Solana Floor reported a 24-hour volume of around $3.8 million, marking an appreciation of 4%, at the time of this writing. 

Additionally, Tiexo revealed an 18% hike in unique wallets over the past week, totaling around 180,000. Notably, first-time wallets saw the most significant growth, climbing to over 56,000 – A surge of over 39% within the same period.

Also, the total floor value of Solana NFTs, according to Solana Floor data, stood at approximately $438 million, at press time. 

Solana lags behind Bitcoin and Ethereum

Over the past week, Solana NFT volumes recorded just a modest increase, maintaining its position among the top three platforms. According to data from Crypto Slam, Solana was ranked third in NFT sales volume over the aforementioned period.

In fact, records indicated a volume exceeding $23 million, trailing behind Ethereum with over $38 million and Bitcoin with over $47 million in sales, respectively. 

SOL’s price enters $160-zone

Solana‘s price trend recorded a notable surge on 15 May, with a hike of over 11% on the charts. This propelled it from the $141-price range to surpass $158. At the time of writing, it was trading at around $163, marking a further hike of over 3%. 

Solana price trend

Source: TradingView


– Is your portfolio green? Check out the Solana Profit Calculator


This surge has positioned Solana within a bullish trend, as evidenced by its Relative Strength Index (RSI). It was nearing 60 at press time – A sign of strong bullish momentum.

The price uptick may also positively impact the valuation of its NFTs, further enhancing investor sentiments.

Share

Adewale is a full-time journalist at AMBCrypto. While he is increasingly fascinating by the world of blockchain and cryptocurrencies, Adewale holds a degree in International Relations. Besides working on insightful articles that touch upon the crypto-space's hottest issues, he finds joy in supporting Manchester United and Afrobeat music.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.