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Solana [SOL] registers decline despite new collaboration: What’s going on?

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Solana’s launch of the new phone does very little for SOL in terms of social media presence or sentiment. Blue Chip Solana NFTs begin to do well, overall floor value takes a hit.
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Solana [SOL] registers decline despite new collaboration: What's going on?
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  • Despite Solana’s phone launch approaching closer, the sentiment against Solana remained negative.
  • SOL prices continued to decline, coupled with a fall in volume.

Despite the negative press that Solana [SOL] received for its multiple downtimes over the months, the network has continued to make new additions to its technology.

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

Solana, in a 30 April tweet, stated that they would launch their phone in collaboration with Helium [HNT] on 4 May. However, despite the upcoming launch of this new product, Solana wasn’t able to get much traction on the social media front.

SOL’s metrics suggest…

According to LunarCrush’s data, the number of social engagements for Solana fell by 9% over the last week. The number of mentions for Solana also decreased by 4.1% in the same period.

Data provided by Santiment showcased that the weighted sentiment for Solana was negative. This implied that the outlook of most crypto users towards Solana was pessimistic.

Moreover, the past few days saw a substantial decline in the price of SOL. According to CoinMarketCap, Solana’s trading value stood at $22.21, reflecting a 4.74% reduction in the last 24 hours. Along with the drop in prices, the overall volume of the SOL token also decreased from 1.19 billion to 498.04 million.

Source: Solana

However, despite the declining sentiment and the prices, stakers continued to show support for Solana. According to the data provided by Staking Rewards, the number of stakers participating in the Solana network witnessed a 4.67% rise in the previous week.

As of the present moment, the quantity of addresses staking Solana stood at 619,623.

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

Source: Staking Rewards

Spilling the NFTea

Regarding Solana’s NFT marketplace, there were instances of both favorable and unfavorable events for Solana in this domain.

Blue Chip Solana NFTs were observed to be getting large amounts of traction over the last 90 days, with volumes beginning to soar and interest in them rising significantly.

Source: solanafloor

Even though Blue Chip Solana NFTs were doing relatively well, the same couldn’t be said about the overall state of Solana’s NFT market. According to solanafloor’s data, the overall volume of Solana NFTs declined, coupled with the average floor price, which also took a hit.

This indicated that only the blue chip NFTs were observing interest, whereas other smaller projects weren’t seeing any growth on the Solana market.

Source: solanafloor

 

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Himalay is a full-time journalist at AMBCrypto. A Computer Science graduate, Himalay writes about crypto with a special focus on the latest coin-based updates. He is a fan of gonzo journalism, transgressive fiction, heavy metal, and Manchester United.
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