– NFTs that migrated from the Solana ecosystem surprisingly did not have a major impact on the blockchain
– The Solana ecosystem also witnessed a renewed interest from collectors and artists
In recent months, blue chip NFT collections such as DeGods and y00ts have moved away from Solana [SOL] and to other cryptocurrency networks, leading to speculation that Solana’s NFT space would suffer.
However, in recent days there has been a notable increase in the number of addresses that Solana NFTs hit.
Source: Dune analysis
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On the sunny side
It can be deduced that the Solana NFT market may be witnessing a resurgence of interest from collectors and artists. This could offset the decline caused by blue-chip collections moving to other platforms.
Due to the move of the aforementioned NFTs, other collections such as Solana Monkey Business and Degen Ape Academy have had the opportunity to stand out on the Solana network.
According to Solanafloor data, there has been an increase in demand for Solana NFTs, as evidenced by the rising blue-chip index over the past 30 days.
Source: solana floor
Despite the renewed interest in Solana’s NFT market, the same enthusiasm was not seen among strikers of SOL, the native cryptocurrency of the Solana blockchain.
This decrease in staking activity was demonstrated by Staking Rewards data, which showed that the number of strikers on the Solana network decreased by 1.66% over the past week.
At the time of writing, there are approximately 585,852 addresses that strike Solana.
Source: Plot Rewards
Solana also faced certain challenges in the DeFi sector. One of the main reasons for this was the decline in trading volumes on decentralized exchanges (DEXs) operating on the Solana network.
Despite this setback in DEX volumes, Solana’s TVL has continued to rise consistently over the past few months. According to DeFiLlama, the current TVL on Solana stands at $95.68 million at the time of writing.
Source: Artemis
Are you planning to sell your SOL?
SOL prices have increased significantly in recent weeks along with volume as evidenced by Santiment data. However, along with the sudden price increases, SOL’s volatility has also increased. This implied that SOL could be vulnerable to large price swings.
Source: Sentiment
This post Will Solana be able to break into the overcrowded NFT markets again?
was published first on https://ambcrypto.com/will-solana-be-able-to-break-into-the-crowded-nft-markets-yet-again/
