- Solana NFT volumes have increased, overtaking Bitcoin and Ethereum.
- On-chain DEX volumes continued to decline.
The Solana (SOL) ecosystem has been one of the most successful ecosystems in the crypto space in recent months. One reason for this could be the high volume of Solana NFTs.
The number of Solana NFTs is growing
According to the latest data, Solana has surpassed both Bitcoin (BTC) and Ethereum (ETH) in the number of unique NFTs traded over the past month.
However, NFT volume was not driven by revenue collections on the Solana network.
Popular projects such as Mad Lads, Solana Monkey Business and Clayosaurrz have seen their minimum prices drop over the past week.
This indicated that the volume of NFTs was driven by new NFTs that were created on the Solana network and did not gain much popularity.
Less popular interest and NFTs indicate a healthy and thriving ecosystem.
However, Solana’s performance in other areas, such as the DeFi sector, is also important in determining the long-term performance of the protocol and its ecosystem.
In terms of DEX (decentralized exchange) volumes, protocol activity has dropped significantly, from $4 billion in volume to $1 billion.
Despite the drop in DEX volumes, the TVL (total value locked) on the Solana network remained virtually the same.
What is the price of SOL?
At the time of publication, SOL was trading at $144.93. Despite the popularity of the Solana NFT and the overall health of the ecosystem, the price of SOL continued to decline.
Since April 1, the price of SOL has decreased by 26.59%. However, after falling below $161.28, the price of SOL began to consolidate.
The $161.28 level has been tested twice in recent weeks and with further bullish momentum, SOL price could once again reach previously reached levels.
Realistic or not, here is the market cap of SOL in BTC.
Over the past few days, the CMF (Chaikin Cash Flow) for SOL has increased, indicating increased cash flow into SOL, which could cause increased buying pressure in the future.
However, the RSI (relative strength index) of SOL has fallen sharply in recent days, indicating that the bullish momentum for SOL has weakened.
This is an automatic translation of our English version.