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Solana NFTs enjoy some limelight but SOL prefers to lurk in the shadows

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These updates look promising, but will those be enough for SOL? 
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  • Solana’s NFT ecosystem witnessed growth over the last week
  • Market indicators revealed an ongoing battle between the bulls and the bears

Solana Daily, a Twitter account that posts updates related to the Solana [SOL] ecosystem, recently revealed the developments that happened in Solana’s NFT marketplace over the past week.

For instance, Magic Eden launched its new Open Creator Protocol (OCP). It is a no-code solution that would enrich the utility of a token and personalize token actions.

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

Additionally, Magic Eden partnered with Stripe to help the community trade NFTs more easily. Interestingly, Magic Eden also topped the list of the top Solana Marketplaces in user growth last month. Mean Dao and Saber Labs completed the top 3.

More good news!

Santiment’s data revealed that apart from the aforementioned developments, Solana’s NFT ecosystem also witnessed growth in terms of volume. Its total NFT trade count and total NFT trade volume in USD spiked last week.

Source: Santiment

As per DeFiLlama’s data, Solana’s total value locked (TVL) also registered an increase over the last two days. Interestingly, Solana ranked fourth on the list of top projects in terms of TVL. 

Solana recently announced the launch of DVT-1, Saga’s developer unit program, and gave early access to a limited group of developers. The new program allowed developers access to an early, pre-production version of Saga so that they may build, test, and refine it on actual hardware.

All these developments looked promising for the blockchain and had the potential to fuel a new bull run. 

What should Solana investors expect?

However, things didn’t turn out to be favorable for Solana in terms of its performance on the chart. SOL failed to please its investors as it merely registered over 1% in weekly gains.

As per CoinMarketCap, at press time, SOL was trading at $13.64 with a market capitalization of more than $4.99 billion. 

A look at SOL’s daily chart painted an ambiguous picture. A few market indicators were in favor of SOL while others suggested a price plummet. The Exponential Moving Average (EMA) Ribbon, for example, revealed sellers’ market advantage. The Relative Strength Index (RSI) was also resting below the neutral mark, which was a bearish signal.

Nonetheless, the Moving Average Convergence Divergence (MACD) registered a bullish crossover, giving investors hope for a price surge in the coming days. The Chaikin Money Flow (CMF) was also relatively up, which was a positive sign.

Source: TradingView

 

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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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