Solana has seen a remarkable resurgence fueled by the growing popularity of its NFTs. Over the past few weeks, there has been a significant uptick in both trade counts and trade volume for Solana-based NFTs. Intriguingly, the price of SOL has also experienced a notable upward surge within the last 24 hours.
The increasing demand for Solana NFTs is clearly reflected in the latest data, indicating a promising growth trajectory for the ecosystem. Particularly noteworthy is the Twitter account Solana Daily’s report, highlighting MagicEden as the platform with the highest number of active users over the past seven days.
In addition, a closer analysis of the blockchain’s metrics confirms the prevailing growth trend. According to data provided by Dune Analytics, Solana NFTs have witnessed a notable surge in both the total number of transaction counts and transaction volume in recent weeks. Impressively, the sales volume of Solana NFTs has escalated by over 26% in the past seven days, accompanied by a substantial increase of more than 30% in the number of NFT buyers and sellers.
Investors have found reason to be delighted as the price of SOL demonstrates a bullish trajectory, having experienced a surge of approximately 2% in the past 24 hours. As of now, SOL is being traded at $16.27, boasting a market capitalization that exceeds $6.5 billion.
Nevertheless, it is important to acknowledge that the current surge may have a limited duration as trading volume tends to decrease, often indicating a bearish trend. The one-week price volatility of Solana suggests a potential conclusion to the upward movement, although there has been an increase in open interest in SOL. This indicates the possibility of a sustained price trend.
Furthermore, the notable Binance funding rate for SOL underscores its strong demand in the derivatives market, providing an additional source of confidence for investors in the token.
While the future of this market remains uncertain, it is undoubtedly refreshing to receive positive news amidst the fluctuations. Solana enthusiasts, often referred to as Solana maxis, can take pleasure in the recent impressive performance of the cryptocurrency.