Will Solana be able to break into the crowded NFT markets yet again?
– NFTs migrating from the Solana ecosystem surprisingly didn’t impact the blockchain to a great extent
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– The Solana ecosystem also witnessed a resurgence of interest from collectors and artists
In recent months, blue chip NFT collections like DeGods and y00ts have been moving away from Solana [SOL] and towards other cryptocurrency networks, leading to speculation that Solana’s NFT space would suffer.
However, in the last few days, there has been a notable increase in the number of addresses minting Solana NFTs.
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On the bright side
It can be inferred that the Solana NFT market might be witnessing a resurgence of interest among collectors and artists. This could balance out the decline caused by blue-chip collections moving to other platforms.
As a result of the aforementioned NFTs relocating, other collections like Solana Monkey Business and Degen Ape Academy have had an opportunity to stand out on the Solana network.
According to data from Solanafloor, there has been an increase in demand for Solana NFTs, as evidenced by the rising blue-chip index over the last 30 days.
Despite the renewed interest in Solana’s NFT market, the same level of enthusiasm was not observed among stakers of SOL, the native cryptocurrency of the Solana blockchain.
This decline in staking activity was showcased by Staking Rewards’ data, which revealed that the number of stakers on the Solana network decreased by 1.66% over the last week.
As of the time of writing, there are approximately 585,852 addresses staking Solana.
Solana faced certain challenges in the DeFi sector as well. One of the main reasons for this was the decrease in trading volumes on decentralized exchanges (DEXs) operating on the Solana network.
Despite this setback in DEX volumes, Solana’s TVL continued to rise consistently over the past few months. As per DeFiLlama, the current TVL on Solana stands at $95.68 million at the time of writing.
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SOL’s prices have surged materially over the past few weeks, along with its volume as indicated by Santiment’s data. However, along with the sudden rise in prices, the volatility of SOL has also increased. This implied that SOL might be vulnerable to high price fluctuations.