Solana regains momentum, all thanks to NFTs

• MagicEden was the project with the most active users on Solana over the last seven days. 
• SOL’s open interest increased, and sentiments around the token improved.

Solana’s [SOL] NFT space has been getting some traction recently which became evident from the latest datasets. Most of SOL’s NFT metrics registered growth over the last few weeks, which looked optimistic for the ecosystem. 

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

Solana NFTs are on the rise

Solana Daily, a popular Twitter account that posts updates related to the Solana ecosystem, pointed out an interesting update. As per the tweet, MagicEden was the project with the highest number of active users in the last seven days.

A look at the blockchain’s metrics also told a similar story of growth. According to Dune’s data, Solana NFTs registered a gain in the total number of transaction counts over the last few weeks. A similar trend of increment was also seen in terms of transaction volume. 

Source: Dune

 SOL’s NFT sales volume increased by more than 26% in the last seven days. The number of NFT buyers and sellers also went up by more than 30% over the past week. Dappradar’s data revealed that GGSG, Ec.io, and SolPunks were the top 3 collections during the time period. 

Solana’s price turns bullish

Amidst all this, investors were having a good time as SOL price increased recently. According to CoinMarketCap, SOL’s price surged by nearly 2% in the last 24 hours. At press time, it was trading at $16.27 with a market capitalization of over $6.5 billion.

However, the surge might not last long as the price uptick was accompanied by a decline in trading volume, which is a typical bearish signal.

Solana’s one-week price volatility suggested that the price uptick might end as the graph registered a decline. However, as per Coinglass, SOL’s open interest increased. An uptick in the metric generally means that the on-going price trend continues longer.

Additionally, SOL’s Binance funding rate was also high, reflecting its demand in the derivatives market. 

Source: Santiment

How much are 1,10,100 SOLs worth today   

Investors’ confidence in SOL is high

A look at Santiment’s chart suggests that SOL’s popularity increased last week.

This was evident from the spike in its social volume. Additionally, SOL’s weighted sentiment also rose last week, which means that positive sentiment around the token was dominant.

Source: Santiment