Is Solana’s NFT success good news for SOL?

• MadLads was the most traded Solana NFT collection in the last seven days.
• SOL’s MACD and RSI looked bullish, but CMF suggested otherwise.

Solana’s [SOL] NFT ecosystem witnessed massive growth over the last seven days, as suggested by the latest data. According to CRYPTOSLAM, the number of buyers and sellers of Solana NFTs increased by more than 100% last week. 

Source: CRYPTOSLAM

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

Not only that, but the number of total transactions also increased slightly. However, the blockchain’s NFT sales volume went down last week.

Interestingly, as the overall crypto market turned slightly bullish,

A closer look at Solana NFTs

Solana Daily posted a tweet on 16 May highlighting the NFT collections which contributed significantly to the growth that Solana’s NFT space registered.

As per the latest tweet, MadLads sat in the first spot on the list of most traded NFT collections on Solana in the last seven days. 

MadLads logged a trading volume of over 87,000, which was encouraging.  The Box and Famous Fox Federation grabbed the second and third spots on the list, respectively. 

NFT Metrics on par

Dune’s data pointed out that the number of daily active addresses on Solana NFT marketplaces remained stable. This was optimistic, as it suggested more users were actually sticking with the blockchain.

Additionally, transactions per program also remained relatively high. 

Source: Dune

As per Santiment, the blockchain’s total number of NFT trade counts increased considerably over the last week. The blockchain total trade volume in USD also followed the same trend and registered upticks over the seven days. 

Source: Santiment

Solana is recovering 

Thanks to the change in market sentiment, most cryptos, including SOL, were able to turn their charts green.

CoinMarketCap’s data revealed that SOL’s price increased by 0.5% in the last 24 hours. At press time, it was trading at $20.96 with a market capitalization of over $8.2 billion.

SOL’s demand in the futures market was also high as evident from its green Binance funding rate. However, its popularity seemed to have declined lately as its social dominance plummeted. 

Source: Santiment

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The possibility of a continued surge is high

A look at Solana’s daily chart revealed quite a few market indicators that were bullish. For example, the MACD displayed the possibility of a bullish crossover.

SOL’s Relative Strength Index (RSI) registered an uptick and headed towards the neutral mark. However, the Chaikin Money Flow (CMF) looked concerning as it went down.

Source: TradingView