Solana ranked second on the list of blockchains in terms of NFT sales.
Market indicators revealed the reasons behind the price increase of SOL.
Solana [SOL] outperformed every other blockchain except Ethereum [ETH] in the NFT ecosystem. According to a Jan. 19 tweet from Solana Daily, SOL ranked second in the list of the top 10 blockchains in terms of NFT sales volume over the past 30 days. ImmutableX, Cardano [ADA]and Polygon [MATIC] completed the top 5.
Top 10 Blockchains by NFT Sales Volume Last 30D
🥇 $ETH @ethereum
🥈 $SOL @solana
🥉 $IMX @Unchangeable $ADA @Cardano$MATIC @polygon$ CURRENT @flow_blockchain$BNB @binance@PaniniAmerica$XTZ @tezos$RON @Ronin_Network@cryptoslamio #Solana $SOL pic.twitter.com/YlIW8JcEA1
— Solana Daily (@solana_daily) January 18, 2023
How many Worth 1,10,100 SOLs today?
DeGod continued to be the most popular collection of over the past month volume, followed by y00t and Monkey Kingdom. Santiment’s chart revealed that over the past week, Solana’s total number of NFT transactions and USD trading volume also increased, further demonstrating the popularity of Solana’s NFT ecosystem.
Interestingly enough, a recent report pointed that out as well Solana was the fastest growing developer ecosystem, surpassing 2,000 total developers by 2022.
Investors are happy too!
As the NFT space grew, Solana also delighted investors by registering promising growth in recent weeks. CoinMarketCapSOL’s data showed that SOL’s price was up 26% last week, which was higher than all other cryptos with larger market caps. At press time, SOL was trading at $21.17 with a market cap of over $7.8 billion.
A look at Solana’s daily chart shed some light on what was going in SOL’s favor. The Exponential Moving Average (EMA) ribbon showed a bullish crossover as the 20-day EMA reversed the 55-day EMA. The Relative Strength Index (RSI) and Money Flow Index (MFI) have risen in recent weeks, which may have helped Solana push its price higher.
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Not everything was perfect
However, Solana’s on-chain stats told a different story as most of them remained negative over the past week. For instance, SOLThe company’s development activity declined sharply, due to less efforts by the developers to improve the network.
In addition, SOL’s social dominance registered a decline, indicating less popularity of the token in the community. However, SOL’s four-week price volatility increased dramatically as the value of the token skyrocketed.
This post Solana: Is this the only reason behind SOL’s bull rally? Unravel…
was published first on https://ambcrypto.com/solana-is-this-the-only-reason-behind-sols-bull-rally-unravelling/