- Solana’s NFT ecosystem saw growth last week
- SOL funding rate spiked and then declined
Solana’s [SOL] Its recent performance has given investors chills as its price has dropped significantly. This puts SOL on the top 10 list. However, Solana has recently shown growth in the NFT space. This could help SOL regain its previous position and register more greens on the price chart.
Solana NFT Highlights Week 45
🔸 @Stepn official + Asics airdrop
🔸@Magic Eden Launchpad now supports launching SFT
— Solana Daily (@solana_daily) November 9, 2022
read Solana’s [SOL] price prediction 2023-24
These NFT highlights include recent updates to Magic Eden, the launchpad that supports SFT, the Solana NFT Celebration Contest on Instagram, and the launch of Genopets v0.4.0 on the App Store.
Additionally, Santiment’s charts revealed significant metric growth in Solana’s NFT ecosystem as well. Solana’s total NFT trade volume increased sharply last week, as did its total NFT trade volume in USD.
This was a positive development as it indicated more transactions were taking place on the network.
Is SOL’s comeback near?
Solana, and the growth of its NFT sector has created optimism. At press time, SOL’s price rose more than 23% over the past 24 hours, trading at $17.40, taking its market cap above $6.32 billion.
Interestingly, some on-chain metrics also revealed that the price could continue to skyrocket in the coming days.For example, CryptoQuant’s data He pointed out that the SOL price is in an oversold position, which is a very bullish indicator.
SOL also attracted considerable interest from the derivatives market as FTX’s funding rate surged last week, but has since declined.
I’m looking forward to
Unfortunately, market indicators suggested tough days ahead for investors. Most indicators support the possibility of a further price plunge. For example, the Exponential Moving Average (EMA) ribbon shows the bears have the advantage in the market.
The MACD reading complemented the EMA ribbon data, further increasing the potential for price declines. Moreover, SOL’s Chaikin Money Flow (CMF) is well below neutral, indicating a bearish trend.
The Bollinger Bands indicate that SOL price is in a high volatility zone, creating a slim chance for SOL to record a rise as the metric suggests.