Can Solana’s NFT space manage to restore SOL’s position in the crypto market

  • Solana’s weekly chart was inexperienced and the metrics supported a constructive outlook
  • On the different hand, SOL’s Bollinger Band and RSI flashed bearish indicators

Solana [SOL] has been drifting away from the high ten checklist of cryptocurrencies in phrases of market capitalization for fairly a couple of weeks now. Though Solana failed to impress its buyers, progress was witnessed in its NFT ecosystem.

Several new NFTs have been listed on Solana over the final week, together with Claynosaurz, Panda, Pixel Boy, Moo Doo, ACF, and plenty of others. 

Read Solana’s [SOL] Price Prediction 2023-2024

Interestingly, Dune’s knowledge revealed that Solana’s NFT transaction quantity went up currently. Magic Edan revealed one doable motive for this enhance when it congratulated y00ts NFT on reaching over 2,100,000 SOL in commerce quantity. However, a slight decline was seen in Solana’s lively wallets. 

Santiment’s knowledge relating to SOL’s NFT space was not very promising, as in accordance to its chart, SOL’s complete NFT commerce rely and commerce quantity in USD went down over the final week. 

Source: Santiment

Can Solana NFT assist SOL?

Considering the nature of those developments, a constructive replace got here in for SOL as its weekly chart was painted inexperienced. As per CoinMarketCap, SOL’s worth elevated by 4% over the final seven days, and at press time, it was buying and selling at $13.73 with a market capitalization of greater than $4.9 billion.

Nonetheless, a have a look at SOL’s every day chart revealed that the blockchain’s troubles have been removed from over. When contemplating the motion of the Bollinger Bands, it could possibly be seen that SOL’s worth had entered a squeezed zone. This minimized the probabilities of a northbound breakout.

Furthermore, SOL’s Relative Strength Index (RSI) rested manner under the impartial mark. This was yet one more bearish sign. The Moving Average Convergence Divergence (MACD) gave some hope because it displayed a bullish crossover. Thus, making manner for a continued worth surge.

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Source: TradingView

The metrics could be useful

While the market indicators weren’t in favor of Solana, a couple of of the on-chain metrics displayed some promising info. For occasion, after a pointy decline, SOL’s growth exercise went up in the previous few days, which was by and huge a constructive sign for a community.

SOL additionally managed to stay widespread in the crypto group as its social quantity was up. Furthermore, Solana’s Binance funding charge additionally registered an uptick currently, thus indicating increased curiosity from the derivatives market.


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Source: Santiment

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