Solana: May Solana NFTs have something else in store this bear season?

Solana: May Solana NFTs have something else in store this bear season?

According to data from analytics platform Santiment, Solana [SOL] reached 1.65 million NFT in sales as of September 26. This is the highest level in September. However, can Solana's growth in the NFT space keep SOL afloat?

As you can see in the image below, Solana's NFT volume has been steadily increasing over the past month. Some of the hype behind this increase in NFTs may be due to the more efficient NFTs from Solana and the newly introduced y00ts NFTs .

Source: Emotions

These NFTs not only help increase volume but also help drive Solana's overall market bottom value.

The growth of Solana NFT can also be indicated by an increase in the total minimum value of the Solana NFT market. The increase in value begins on August 21 when the minimum total value is 341,806,095. At the time of writing, this has increased to 518,927,609. 

 

Source: Solanafloor

 Furthermore, it can also be seen in the image below that the total minimum value of NFTs in the Solana market has grown significantly in the last month.

But that's not all. The number of Solana NFTs issued has also increased. According to everstake pool, a decentralized staking provider, the number of Solana NFTs minted has also grown significantly. 

Additionally, the community tweeted on September 25 about seeing a massive increase in the number of Solana NFTs posted on their NFT platform . The platform has seen 1,219,289 Solana NFT launches in the past week. This can be seen as another growth sign of the Solana market.

There are caveats

While things are going well for Solana, there are also some alarming factors to consider. The number of traders, buyers and sellers have seen their activity levels plummet in recent days. This can be seen as a bearish indicator by some investors.

Source: Soil Solana

Although Solana NFTs are doing very well, SOL has been underwhelming in this bear market.

SOL is currently trading at $32.72 at press time and is up 7.2% over the past 24 hours. Additionally, its volume has dropped 64% over the past seven days. However, Solana's market capitalization dominance has seen a surge and an impressive 7.49% increase in the past week. 

Solana is responsible for 1.16% of the total cryptocurrency market share. Although Solana's volatility has decreased, readers should exercise caution before placing trades.

Looking at Solana's power consumption can be a good start for investors to better understand the future of SOL. 

 

Sep 27, 2022

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