Solana Records 271% Increase in NFT Sales Volume Over Bitcoin

Solana (SOL) Price Analysis: Overcoming Challenges and Charting a Path Forward

Traders are currently focusing on top assets like Bitcoin and Ethereum, while seemingly ignoring other cryptocurrencies like Dogecoin, which have also been experiencing rallies. However, the Solana cryptocurrency continues to be a topic of keen discussion within the community. It faced some challenges when Robinhood and Revolut delisted it, but SOL has already moved past those issues. In fact, it has shown strong performance with a 20% appreciation in the last 7 days, making it the sixth-largest gainer of the week at the time of reporting.

Regarding NFTs (non-fungible tokens), Solana has been making significant strides. Data from CryptoSlam revealed that Solana surpassed Bitcoin in terms of NFT sales volume for the current week. Earlier, due to the popularity of the Ordinals’ NFTs, Bitcoin had pushed Solana and other blockchains to the side, placing itself alongside Ethereum.

Related article: Despite Delisting, Solana (SOL) Surges 11.03% in 24 Hours

Solana has experienced a significant surge in NFT sales, leading it to secure the second position. Its sales have increased by a staggering 271%. In the past week alone, NFT settlements on the Solana blockchain reached a value of $41 million, with only 2.1% of that amount attributed to wash trades. 

In comparison, Ethereum recorded approximately $300 million in NFT volume, but over 54% of those transactions were wash trades. Bitcoin, on the other hand, settled the least volume among the three cryptocurrencies, with wash trades accounting for nearly 4% of its total.

Source: CryptoSlam

More Fundamental And Technical Analysis 

Solana has demonstrated positive performance in the field of decentralized finance (DeFi) as well. In the last week, it has seen an increase of over $20 million in its Total Value Locked (TVL). Year-to-date, the TVL on Solana has risen by 33.3%, growing from $205.11 million to $273.56 million. These figures indicate that users have been increasingly locking their funds on the Solana platform.

Source: DefilLama

After reaching its year-to-date peak of $27.12, Solana has experienced a retracement of approximately 53%. Currently, SOL is being tested around the 38.2% Fibonacci level. If the cryptocurrency maintains its bullish momentum and its fundamentals continue to improve, there is a possibility of re-testing its peak. However, to do so, it would need to surpass the resistance levels at $19.8 and $22.6 along the way. Conversely, if a bearish trend emerges, correction levels to watch for would be around $17.5 and $15.3.

Source: Tradingview

As of the time of writing, Solana is being traded at $18.69 with a 2.76% decline in the last 24 hours.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.

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