Solana’s NFTs are in the limelight, but SOL prefers to hide in the shadows

  • Solana’s NFT ecosystem has seen growth over the past week
  • Market indicators revealed an ongoing battle between bulls and bears

Solana Daily, a Twitter account that posts updates related to the Solana [SOL] ecosystem, recently revealed the developments that have occurred in Solana’s NFTs market over the past week.

For example, Magic Eden has launched its new Open Creator Protocol (OCP). This is a no-code solution that would enrich the utility of a token and customize the actions of the token.

Lily At Solana’s [SOL] Price prediction 2023-2024

Additionally, Magic Eden has partnered with Stripe to help the community trade NFTs more easily. Interestingly, Magic Eden also topped the list of top Solana marketplaces in terms of user growth last month. Mean Dao and Saber Labs complete the top 3.

More good news!

Santiment’s data revealed that apart from the aforementioned developments, SolanaThe NFT ecosystem has also seen growth in terms of volume. Its total number of NFT trades and its total NFT trade volume in USD increased last week.

Source: Santiment

According to DeFillama Data, Solana’s Total Locked Value (TVL) has also recorded an increase over the past two days. Interestingly, Solana ranked fourth on TVL’s top projects list.

Solana recently announcement the launch of DVT-1, Saga’s development unit program, and gave early access to a limited group of developers. The new program gave developers access to an early pre-production version of Saga so they could build, test, and fine-tune it on real hardware.

All of these developments looked promising for the blockchain and had the potential to fuel a new bull run.

What should Solana investors expect?

However, things did not turn out favorably for Solana in terms of chart performance. FLOOR failed to please its investors as it only posted more than 1% weekly gains.

According CoinMarketCapAt press time, SOL was trading at $13.64 with a market cap of over $4.99 billion.

A look at SOL’s daily chart painted an ambiguous picture. A few market indicators were in favor of SOL while others suggested falling prices. The exponential moving average (EMA) ribbon, for example, revealed the market advantage of sellers. The Relative Strength Index (RSI) was also resting below the neutral mark, which was a bearish signal.

Nonetheless, the Moving Average Convergence Divergence (MACD) recorded a bullish crossover, giving investors hope for a price surge in the coming days. The Chaikin Money Flow (CMF) was also relatively up, which was a positive sign.

Source: Trading View

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