Solana [SOL], which is now attracting much attention for its high network activity, has once again achieved success in the NFT ecosystem.
The blockchain has managed to surpass top players such as Bitcoin [BTC] and Ethereum [ETH] in key areas. At the same time, its price action has also turned bullish.
Solana [SOL] has been gaining popularity over the years for its strong network activity. Today, the blockchain is in the news again after reaching a milestone in one of its key metrics, which clearly highlights the blockchain’s reliability and efficiency.
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Solana’s NFT performance is encouraging
SolanaFloor, a popular X-account that publishes updates related to the blockchain ecosystem, recently posted a tweet highlighting an interesting development.
Solana outperforms all other blockchains in terms of daily NFT blockchain user adoption. The volume of SOL has grown by nearly 34% in the past 24 hours. In addition to SOL, Polygon [MATIC] and Ethereum also made it into the top three of the same list.
Frogana, Retardio Cousins, and SMB Gen2 are the top three NFT collections on Solana in the past 24 hours.
According to data, SOL's NFT trading volume surged last week. Its NFT trading volume denominated in US dollars has also increased in the past few days.
Analysis shows that Solana also saw an increase in NFT sales last week. To be exact, the number increased by 8%.
However, not everything looks good. For example, the number of NFT sellers on SOL fell by 59% last week. The number of NFT buyers on SOL also showed a similar downward trend, falling by more than 66%.
SOL turns bullish
When this happens, Solana bulls are ready as its daily chart remains green.
According to data, the price of SOL has risen by more than 4% in the past 24 hours. As of writing, SOL is trading at $146.67 with a market cap of over $68 billion, making it the fifth largest cryptocurrency.
However, SOL may soon lose its bullish momentum. At the time of writing, SOL’s Fear and Greed Index reading was 68%, which means the market is in the “Fear” phase.
Whenever the indicator reaches this level, it indicates a high probability of a price correction.
Therefore, plan to check out the daily chart of SOL to get a better idea of what to expect from the coin. According to our analysis, the technical indicator MACD shows a bullish advantage in the market.
The relative strength index (RSI) has turned up and has risen further from the neutral point, suggesting a sustained upward move in prices.
Nonetheless, the Chaikin Money Flow (CMF) is still heading south, which could limit SOL’s price upside in the coming days.
Is SOL a good investment?
Solana is a high-performance blockchain platform known for its scalability and speed, with a significant total locked value (TVL). The network continues to achieve key development milestones. Despite a challenging month, price predictions suggest a more optimistic outlook, indicating growth potential in the future.
in conclusion
Despite occasional challenges, including network congestion and competition from other blockchain platforms, Solana has demonstrated resilience and adaptability, positioning itself as a leading player in the decentralized finance (DeFi) and Web3 space.
Overall, the general sentiment in the Solana community is one of confidence and excitement, with stakeholders eagerly anticipating the platform’s continued development and impact on the broader crypto ecosystem. While uncertainty remains, Solana’s innovative approach and robust infrastructure generate optimism for its future price action and market dominance.
