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Solana’s NFT space updates look promising, but what’s in it for SOL

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Solana’s NFT space updates look promising, but what’s in it for SOL? 
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  • Solana’s NFT sales volume declined, but transactions per program increased.
  • TVL and token value increased last week, but a few metrics were bearish. 

Solana Mobile recently made a major announcement that can have a potential impact on the Solana [SOL] ecosystem. As per the announcement, the full Saga product design files became open source. 

The files Solana is dropping are sufficient for anybody wanting to build their own physical accessories for Saga, for commercial or personal use. As part of the release, Solana Mobile made two documents available.

The first one was the Saga Interface Control Document, which is a collection of 2D drawings depicting the phone. The second one was Saga 3D Surfaces, an IGES file that works across virtually all modeling programs made for engineering.

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

Solana NFT space in trouble? 

CryptoSlam’s data revealed that Solana’s NFT space witnessed a massive decline in terms of sales. As per the data, Solana’s NFT sales volume decreased by nearly 30% over the last month, which looked concerning.

However, with Solana Mobile’s new announcement and a few other partnerships, things can turn around. One of blockchain’s recent partnerships is with Crossmint. The latter recently revealed the launch of its new compressing API in collaboration with Solana, Metaplex, and Helius. 

It was interesting to note that despite the decline in sales volume, NFT transactions per program on Solana went up of late. Magic Eden, which is one of the largest NFT marketplaces, also showed a similar increase in transactions per program for Solana. 

Source: Dune

Network health improves 

Another piece of good news for the blockchain was that its network value registered an uptick.

A look at DeFiLlama’s data revealed that the blockchain’s total value locked (TVL) gained upward momentum over the last few days.

In addition to that, Solana’s DEX volume also spiked last week since the BONK rush earlier in January, which looked promising. 

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

SOL makes investors happy

SOL’s price action has been strongly bullish, thanks to the current market sentiment. As per CoinMarketCap, SOL’s price increased by over 10% in the last 24 hours.

At press time, it was trading at $22.29 with a market capitalization of $8.5 billion. However, the possibility of a trend reversal can’t be ruled out as a few of the metrics were bearish.

For instance, SOL’s latest pump was not accompanied by a considerable volume, which by and large is a negative signal. Weighted sentiments declined over the last few days, suggesting less trust among investors in SOL.

Though SOL’s development activity increased compared to the last week, the graph was still on the lower side, which is also negative for a network. 

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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