Solana [SOL] tries to improve network appeal, but gets pulled back by these indicators
With a fall in the value of its dog-themed coin which was launched with much optimism, Solana’sThe total value locked on the platform recorded a 9% decline over the last 30 days, as per DeFiLlama, and was down 1.41% over the last 24 hours at press time.SOL’s performance on the NFT front didn’t evoke much enthusiasm either. According to data from
, the number of transactions on the chain dipped by almost 30% in the last seven days while the sales volume declined by more than 30%As highlighted earlier, NFT compression support was one of the key features which Solana developers have planned to release in the coming days. Well, it remains to be seen whether this would attract more players to come and build NFTs on Solana.On the other hand, Solana’s weighted sentiment went into negative territory after reaching its monthly peak on 12 February, implying that investors were still jittery over its prospects.
This could have been due to the price volatility which jumped over the last two days, discouraging conservative traders to place their bets on SOL.The Binance Funding rate was positive at the time of writing, which could be a short-term bullish signal. However, with the negative sentiment accompanying it, investors should tread cautiously.At press time, SOL was down 5% over the previous day trading at $22.64.
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