•Solana’s NFT trade count and trade volume in USD both spiked in the last seven days, indicating an increase in buyers and sellers.
•Magic Eden became the top performing NFT player in its ecosystem as its TVL, DEX volumes, daily transactions and social volume all registered upticks.
•Despite a bullish weekly chart, SOL’s market indicators remained bearish but investors‘ confidence improved which could drive further price gains.
Solana’s Rising NFT Metrics
Magic Eden Leads Solana Ecosystem
Solana’s Magic Eden has become the top performing Non-Fungible Token (NFT) player in its ecosystem as the network’s NFT metrics have gone green over the past week according to CRYPTOSLAM charts. The number of NFT buyers and sellers increased by more than 20%, while the number of transactions also rose marginally. Additionally, Santiment data revealed that Solana’s NFT trade counts had recorded an uptick, with its trade volume in USD also spiking accordingly.
TVL & DEX Volumes Uptick
The increasing popularity of Solana tokens was reflected by other metrics as well – Artemis data showed that Solana’s Total Value Locked (TVL) had risen over recent days while DEX trading volumes had also spiked. These figures suggest that investor confidence has been improving for the token, which could lead to further price gains if sentiment remains positive.
Bullish Weekly Chart
At press time, CoinMarketCap listed SOL at $20.68 with a market capitalization of over $8 billion – making it the 10th largest crypto by market cap – while its MACD indicated a generally bullish outlook for future prices. However, other indicators such as Relative Strength Index were bearish despite this overall positive trend.
Social Volume & Development Activity High
SOL’s weighted sentiment had registered an uptick after initially dipping as social volume around the coin increased significantly; this suggested that there is strong interest from traders and investors alike which could drive further growth for SOL prices going forward should this trend continue. Additionally, development activity around SOL was high which is always encouraging for long-term projects on blockchain networks like Solana’s.
Conclusion
In conclusion, Solana’s key metrics have seen significant growth over recent weeks with Magic Eden leading the way for NFTs on the network; however some indicators remain bearish despite a bullish weekly chart so it will be interesting to see how these develop over coming weeks before we can get a better idea of where SOL may be heading both short-term and long-term