Solana [SOL] reached a milestone last week in the NFT ecosystem, which looked optimistic, but its price remained under bears' control
reached a milestone last week in the NFT ecosystem, which looked optimistic. However, while the blockchain’s NFT ecosystem flourished, its native token’s price remained under bears’ control.As per the tweet, Solana crossed over $100k SOL in terms of NFT trading volume in the last seven days.
AMBCrypto’s look at CRYPTOSLAM’s data revealed that the blockchain’s number of NFT buyers increased by 125% last week.Similarly, Solana’s number of NFT sellers also spiked by more than 66% in the past seven days. DappRadar’sApart from MadLads, Famous Fox Federation and STEPN also made it to the top three on the same list.
However, it was surprising to note that despite the massive rise in the number of buyers and trading volume, Solana’s NFT sales volume dropped by over 4%.While Solana’s NFT ecosystem managed to grow last week on a few fronts, the case was different for SOL. CoinMarketCap’sAt the time of writing, Solana was trading at $137.34 with a market capitalization of over $62 billion, making it the fifth-largest crypto.
The massive price drop had a negative impact on SOL’s social metrics. Notably, the token’s Weighted Sentiment dropped sharply, meaning that bearish sentiment was dominant in the market.revealed that at press time, SOL’s fear and greed index had a value of 30%, meaning that the market was in a “fear” phase.Therefore, to see whether a price increase is possible, AMBCrypto analyzed SOL’s daily chart.
Additionally, the Relative Strength Index also registered an uptick, further hinting at a price hike. If a trend reversal happens, then SOL might touch $162 in the coming days.Dipayan is a full-time journalist at AMBCrypto. He has 2 years of experience in the content creation industry. A graduate in journalism, Dipayan has a keen interest in keeping himself updated with the latest developments in the crypto-space. He is a singer and a guitarist who also enjoys going on long bike rides.
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