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

Solana Daily, a Twitter account that posts updates related to the Solana [SOL] ecosystem, recently revealed the developments that took place in Solana’s NFT marketplace over the past week.

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

Read from Solana [SOL] Price prediction 2023-2024

In addition, Magic Eden partnered with Stripe to help the community trade NFTs more easily. Interestingly enough, Magic Eden also topped the list of the top Solana Marketplaces in terms of user growth last month. Mean Dao and Saber Labs rounded out the top 3.

More good news!

Santiment’s data showed that apart from the developments mentioned above, Solana‘s NFT ecosystem also witnessed growth in terms of volume. The total number of NFT transactions and total NFT trading volume in USD increased last week.

Source: Sentiment

According to DeFiLlamas data, Solana’s total value locked (TVL) also registered an increase in the past two days. Interestingly, Solana ranks fourth on the list of top TVL projects.

Solana recently announced the launch of DVT-1, Saga’s developer units 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 another bull run.

What should Solana investors expect?

However, it didn’t prove to be favorable for Solana in terms of on-map performance. SOL failed to satisfy its investors as it registered only more than 1% in weekly profits.

From CoinMarketCapat the time of writing, 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. Some market indicators favored SOL, while others suggested a price drop. For example, the Exponential Moving Average (EMA) ribbon revealed the market advantage of sellers. The Relative Strength Index (RSI) was also below the neutral mark, which was a bearish signal.

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

Source: TradingView

This post Solana NFTs enjoy some spotlight, but SOL prefers to lurk in the shadows

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