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SOL’s latest milestone may still leave investors in a state-of-worry because…

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Solana NFT sales declined in double digits over the last 30 days. SOL’s price action was less volatile, and indicators were bearish. 
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Solana [SOL] investors should consider this before making a decision, as these look bearish 
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  •  Solana’s social activity on 19 May was only behind Bitcoin and Ethereum 
  • Solana Mobile’s latest announcement can help improve NFT metrics 

Solana’s [SOL] popularity recently witnessed an uptick as it surpassed others in terms of social activity. CryptoDep’s latest tweet revealed that SOL was only behind Bitcoin [BTC] and Ethereum [ETH] on the list of cryptos by social activity on 19 May. But increased popularity won’t be enough for the token to repaint its price chart green. 

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

Some not-so-impressive moves…

According to CoinMarketCap, SOL’s price also took a sideways path like several other cryptos as its price remained less volatile. At the time of writing, SOL was trading at $20.43. It had a market capitalization of over $8 billion, making it the 10th largest crypto by market cap. 

Not only did Solana’s price remain dormant, but its NFt ecosystem took a blow during the last month. CRYPTOSLAM’s data revealed that in the last 30 days, SOL’s NFT sales declined by more than 22%. Additionally, NFT buyers and sellers also declined by 20% and 16%, respectively. 

Source: CRYPTOSLAM

As per Santiment’s chart, Solana’s NFT trade volume in USD also plummeted last week. However, despite the decline, it was interesting to see that the number of NFT trade count increased in the past seven days. 

Source: Santiment

Solana Mobile recently posted an update, which can help revive Solana’s NFT space. The tweet mentioned that the first Saga exclusive mint of the Claynosaurz: The Call of Saga collection will go live on 30 May 2023. The first mint will consist of 400 out of 2,000 new Clayno NFTs in this collection. 

Metrics aren’t supportive of SOL

Though the new mints can help change Solana’s NFT statistics, the blockchain’s on-chain performance might not help SOL on the price front. For instance, SOL’s latest price decline was followed by a slight increase in volume, which is bearish.

SOL’s weighted sentiment also remained low. LunarCrush’s data revealed that bullish sentiments around SOL declined by more than 14% along with an increase in Altrank, further increasing the chances of further sluggish price action. 

Source: Santiment

Is your portfolio green? Check the Solana Profit Calculator 

Investors can expect this from Solana

A look at SOL’s daily chart gave more reasons to worry. The token’s Exponential Moving Average (EMA) Ribbon pointed out that the bears had an upper hand in the market as the distance between the 20-day EMA and the 55-day EMA was increasing.

SOL’s Money Flow Index (MFI) registered a downtick, which was a bearish development. The Chaikin Money Flow (CMF) however, gave hope for a trend reversal as it went up slightly. 

Source: TradingView

 

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Dipayan is a full-time journalist at AMBCrypto. He has 2 years of experience in the content creation industry. A graduate in journalism, Dipayan has a keen interest in keeping himself updated with the latest developments in the crypto-space. He is a singer and a guitarist who also enjoys going on long bike rides.
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