- Solana NFT sales surge to a staggering $5 billion, underscoring the network's surging appeal.
- December 2023 marks a historic milestone with $365 million in NFT transactions, eclipsing the previous record set in 2021.
- The Solana NFT community boasts an impressive 2.2 million buyers and 1.6 million sellers, indicating robust demand dynamics.
- Solana's market value demonstrates resilience post-FTX crash, stabilizing at approximately $100.
- Analysts foresee a bullish trajectory, setting a price target of $143 for SOL, representing a notable 45% uptick from current levels.
In the realm of digital currencies, SOL, despite its tumultuous journey in 2022, has experienced a notable upswing in fortunes throughout 2023 and 2024.
Following a sharp decline in 2022, plummeting from over $200 to a mere $9 amidst the FTX/Alameda debacle, SOL has managed to stage a remarkable recovery.
This resurgence was particularly evident in the realm of non-fungible tokens (NFTs), with SOL NFT sales skyrocketing to unprecedented heights. CryptoSlam's recent tweet revealed a staggering $5 billion in all-time sales volume for SOL NFTs as of February 23, 2024.
The popularity of SOL NFTs began gaining traction in 2020, coinciding with the initial growth of Solana's price and total value locked (TVL). However, this upward trajectory was momentarily disrupted in 2022 due to the network's association with FTX/Alameda Research.
Nevertheless, signs of Solana's former glory started to reemerge, with December 2023 witnessing the second-highest monthly sales volume for SOL NFTs, reaching an impressive $365 million. This resurgence mirrored the Q4 2023 boom in SOL's value, nearing the previous record set in October 2021.
Further analysis from CryptoSlam indicates a substantial increase in total NFT sales volume, surpassing $5.022 billion, with a significant discrepancy between the number of buyers and sellers, signaling robust demand and potential for further growth.
The recent introduction of platforms like Metaplex and Solanart, along with popular NFT collections such as Frogana, Open SolMap, and MadLads, likely contributed to the surge in SOL NFT sales volume.
From a technical standpoint, SOL appears to have found support around the $100 mark, hinting at a possible upward trajectory towards the $143 resistance zone, representing a potential 45% price increase.
However, this bullish setup would only be invalidated by a break below the minor support at $93.29 from early February.
It's important to note that while Voice of Crypto strives to provide accurate information, it does not assume liability for any missing or inaccurate data. Given the volatile nature of cryptocurrencies, it's advisable to conduct thorough research and exercise prudence in financial decision-making.