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Solana NFT Ecosystem Shows Signs of Revival as Top Collections Return

Solana NFT Ecosystem Shows Signs of Revival as Top Collections Return

Solana (SOL) has witnessed a resurgence in its NFT ecosystem, with popular collections like y00ts and DeGods migrating back to the platform. This development follows a period of decline for Solana’s NFT space, raising questions about its potential for further growth.


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Solana Outperforms Polygon in Weekly Sales

The overall NFT market experienced a boom last week, with increased sales activity across various blockchains. Solana emerged as a leader, surpassing Polygon in terms of weekly NFT sales. SOL’s sales reached $25 million, compared to Polygon’s $8 million, according to data from SolanaFloor. However, Ethereum maintained its dominance with a weekly sales volume of $48 million, as per Cryptoslam.

Top Collections Drive SOL NFT Growth

The return of prominent collections like y00ts (previously on Polygon) and DeGods (previously on Ethereum) significantly boosted Solana’s NFT scene. DappRadar data reveals both collections ranking among the top 5 performers on Solana, alongside Mad Lads, Frogana, and SMB Gen 2.

Solana Maintains Lead Over Polygon in Daily Sales

Solana continued to outperform Polygon in terms of daily sales volume, exceeding $3 million compared to Polygon’s $1 million, as per CRYPTOSLAM data. However, transaction numbers paint a different picture. Solana’s daily transactions dipped by over 10%, while Polygon saw a 17% increase. Ethereum remained the frontrunner with daily sales surpassing $6 million, reflecting a 17% jump from the prior day.

Solana Price Uptrend

Coinciding with the NFT ecosystem’s revival, Solana’s native token (SOL) experienced bullish price action. CoinMarketCap data shows a 14% increase in SOL’s price over the last week, with a further 6% surge in the last 24 hours. At the time of writing, SOL trades at $155.92, ranking as the fifth-largest cryptocurrency by market capitalization.

Potential Reversal for Solana’s Downtrend?

Solana’s recent price behavior and trading volume suggest a possible reversal in its downtrend that began in April. The asset is currently testing a crucial support level, which could signal a bullish turnaround. Fading trading volume indicates weakening selling pressure, often a precursor to price reversals.

Technical Indicators Point Towards Bullish Momentum

Solana’s successful breach of a key trendline resistance, which had previously restricted its upward movement, is a significant development. This breakout opens doors for further gains and instills investor confidence. The next challenge lies in decisively surpassing the 26-day EMA, which could pave the way for a sustained bullish phase.

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Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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