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Solana ‘beats’ Bitcoin with these ‘2nd highest’ figures – Here are the details

2min Read

Solana surpassed Bitcoin to log the second-highest NFT sales volume in the last 24 hours.

Solana NFT trading volume increases

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  • Solana handled more than $7 million in NFT sales in the last 24 hours.
  • SOL dropped lower in the last 24 hours but a rebound to $200 didn’t seem too far away.

Meme coins, decentralized exchanges (DEXs), and now non-fungible tokens (NFTs). Is there any sector left where the Solana [SOL] ecosystem wasn’t growing?

Another high for Solana

Solana surpassed Bitcoin [BTC] to log the second-highest NFT sales volume in the last 24 hours, according to AMBCrypto’s analysis of CryptoSlam’s data. While volume for Solana-based NFTs exceeded $7 million, NFTs on Bitcoin fell short of the mark at $6.9 million.

On the weekly front, Solana remained at the third spot with more than $45 million in cumulative sales.

Solana NFT volumes

Source: CryptoSlam

The surge was driven by Tensorians, a collection launched by NFT marketplace Tensor, and Mad Lads, the marquee profile picture (PFP) collection.

Mad Lads registered weekly sales of more than $7 million, representing a 7% increase. It accounted for 15% of the Solana’s total NFT volumes over the week.

Similarly, Tensorians logged over $4 million in NFT sales, after a whopping 131% jump. Sharp uptick was also observed in the number of transactions, buyers, and sellers.

While it might be too early to predict, Solana could challenge traditional powerhouse Ethereum [ETH], and newly-successful Bitcoin, in NFT trades in the near future.

A lot would depend on how the network enhances its appeal in the NFT landscape. Solana already has a significant transaction fee advantage over Ethereum.

When will SOL reclaim $200?

Meanwhile, the ecosystem’s native token SOL traded 2.62% lower in the last 24 hours, according to CoinMarketCap. The fifth-largest cryptocurrency faced stiff resistance after breaching $200 at the beginning of the week.

However, it could be a matter of time before SOL reclaims $200, for it has been one of the best high-cap tokens over last month, with gains of more than  40%.

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

Solana’s latest slump triggered a proportional decline in Open Interest (OI) in its futures market, AMBCrypto noticed using Santiment data.

Moreover, funding rates dropped over the week. The drop indicated exit of over-leveraged longs, paving way for what could be another ascent in coming weeks.

Solana Open Interest and Funding rates

Source: Santiment


Aniket Verma works as a journalist at AMBCrypto. Contrary to most who are primarily interested in merely tracking price movements of cryptos, his focus is on examining the niche intersection between cryptocurrencies and traditional finance. A so-so Bitcoin maximalist, Aniket has a strong disdain for memecoins and the unfounded frenzy they seem to generate every market season. Coming from a strong engineering background, Aniket previously worked as a Content Manager for TV9 Network. Before his stint over there, he was an Associate Multimedia News Producer at Reuters.
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