Ethereum
How Solana Turned Ethereum and Bitcoin into NFTs
- Although it has eclipsed BTC and ETH, the number of SOL NFT sellers and buyers has been decreasing.
- SOL is up 4% in the last 24 hours, but a few indicators look bearish.
Solana [SOL]which is now in the spotlight due to its strong network activity, has once again achieved a feat in the NFT ecosystem.
Blockchain has managed to eclipse top players like Bitcoin [BTC] And Ethereum [ETH] on a key front. In the meantime, its price development has also turned bullish.
Solana’s Promising Performance in NFTs
SolanaFloor, a popular X handle that posts updates related to the blockchain ecosystem, recently released a tweet highlighting an interesting development.
According to the tweet, Solana has eclipsed all other blockchains in terms of daily adoption of NFT blockchain users. The number of SOL has increased by almost 34% in the last 24 hours. Apart from SOL, Polygon [MATIC] and Ethereum ranks among the top three on the same list.
AMBCrypto’s take on DappRadar data revealed that Frogana, Retardio Cousins, and SMB Gen2 were the top three NFT collections on Solana in the past 24 hours.
According to data from Sanrtiment, SOL’s NFT transaction volume has increased over the past week. Its USD NFT transaction volume has also increased over the past few days.
Source: Santiment
AMBCrypto’s analysis of CRYPTOSLAM data revealed that Solana also saw an increase in its NFT sales volume last week. To be precise, the figure increased by 8%.
However, not everything went as planned. For example, the number of SOL NFT sellers dropped by 59% last week. A similar downward trend was also observed in terms of the number of SOL NFT buyers, as the figure dropped by over 66%.
Source: CRYPTOSLAM
SOL turns bullish
Meanwhile, Solana bulls buckled up as its daily chart remained green.
According to CoinMarketCapSOL’s price has increased by over 4% in the last 24 hours. At the time of writing, SOL was trading at $146.67 with a market cap of over $68 billion, making it the 5th largest cryptocurrency.
However, SOL may soon lose its bullish momentum. At the time of writing, SOL fear and greed index had a reading of 68%, meaning the market was in a “fear” phase.
Whenever the measure reaches this level, it suggests that the chances of a price correction are high.
Therefore, AMBCrypto has planned to look at the daily chart of SOL to better understand what to expect from the token. According to our analysis, the MACD technical indicator has shown a bullish advantage over the market.
Is your wallet green? Find out SOL Profit Calculator
The Relative Strength Index (RSI) registered a rise and moved further up from the neutral mark, indicating continued price increase.
However, the Chaikin Money Flow (CMF) has fallen, which could prevent the price of SOL from rising in the coming days.
Source: TradingView
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