Will Solana’s Monday blues wipe out SOL’s attempts at making short bull runs

Solana [SOL] has been on the receiving end of a lot of criticism from the crypto community for its downtime debacle. However, the cryptocurrency may have trusted the NFT market as its saving grace. Recently, one of the largest NFT marketplaces, Magic Eden on Solana launched a new update.

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Here’s AMBCrypto’s Price Prediction for Solana for 2022-2023.

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Magic Eden tweeted about the launch of Boots, a customizable NFT, with the help of Raindrops Protocol. This update could maybe bring some improvement in the Solana ecosystem. However, at the time of writing things were looking bleak for its NFTs.

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We are excited to announce that we're working with @only_raindrops to make Boots a reality. We will be adopting a launchpad that enables creators to sell traits as another creator monetization tool.

Learn more below 👇

— Magic Eden 🪄 (@MagicEden) October 16, 2022

Blue chip blues

As can be seen from the image below, Solana’s blue chip index’s prices were declining since the past 30 days. The Solana blue chip index is a collection of the top Solana NFTs and their condition represents the overall state of the SOL NFT market.

Source: SolanaFloor

Along with the decline in the Solana’s Blue Chip index’s value, there was a drop in its tidal volume as well. Since 6 September, Solana’s volume witnessed a massive decline in terms of volume and fell by 75%. Furthermore, its total floor value declined by 23% in the same time period as well.

Despite volatility experienced in terms of floor value and volume, the number of buyers and sellers were consistent throughout this year. However, the number of traders began to decline after 26 September, which could be a cause of concern for potential investors.

Source: SolanaFloor

All in vain

Despite Solana’s efforts to gain investor interest, the overall sentiment around SOL remained negative. This could also be observed from the image below. A negative sentiment also indicated that Solana wasn’t able to gain back investor interest and trust at the time of press.

Another bearish indicator for Solana would be its declining developer activity which would indicate that Solana’s work on new updates and upgrades may have reduced based on the GitHub activity.

Source: Santiment

Despite the bearish indicators, Solana’s price managed to grow by 1.55% in the last 24 hours and was trading at $30.24 at press time. Along with its price, Solana’s volume and market cap registered an uptick as well and grew by 14.74% and 1.8% respectively.