- The overall NFT market capitalization jumped by $1 billion in just one week.
- SOL price fell 4%, but buying pressure remained high.
The crypto market remained highly volatile over the past week, with several top coins bouncing and then retreating. Not only has the market gained ground in terms of crypto prices, but the NFT ecosystem has also heated up. While this was happening, Solana (SOL) set a new record.
Solana’s splendid NFT performance
The NFT market has generally experienced promising growth. This is evident from the rise in its market capitalization. At the time of writing, the NFT market cap stood at $5.94 billion, an increase of $1 billion from the previous week.
Activity in the NFT market also saw a similar increase, as NFT volume increased.
Source: NFT Go
SolanaFloor, a popular X ID that posts updates related to the blockchain ecosystem, has highlighted a major development. According to the tweetSolana outperformed all other blockchains combined among daily NFT users.
For perspective, as Solana’s daily user count reached 18,000, other leading blockchains like Polygon (POL) And Ethereum (ETH) had 5.1k and 3.5k users respectively.
This substantial difference between NFT users of these blockchains has allowed SOL to dominate the space at 55%.
Apart from this, CRYPTOSLAM data revealed many other positive updates for SOL’s NFT space. For example, blockchain NFT sales volume jumped 85% last week. The total number of NFT transactions also increased by 11% during the same period.
Source: CRYPTOSLAM
While Solana outperformed the rest, Mad Lads and SMB Gen 2 ranked in the top three on the list of top SOL NFT collections over the past seven days. Interestingly, the #1 ranked collection was a newly added collectible named Luces, according to DappRadar.
How is SOL doing?
Like Solana NFTs, the SOL token also saw gains last week, but things have turned in the bears’ favor over the past 24 hours. The token’s value fell by more than 4%.
At the time of writing this article, SOL fear and greed index was in the “greed” phase, which could have contributed to this latest price correction.
Read Solana (SOL) Price Prediction 2024-2025
However, investors should not lose hope. According to data from DeFiLlama, the inflow of SOL has decreased significantly over the past few days. This indicates that buying pressure was strong, which often leads to price increases.
If the decline in flows indeed results in a reversal of the bullish trend, then investors could see a rally in SOL towards $220, as highlighted earlier by AMBCrypto.
Source: DeFiLlama
