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SOL’s price action contrasts with Solana’s NFT activity level
- SOL price and NFT are in contradictory behaviour.
- The Solana NFT ecosystem is vibrant, but the SOL price movement is slow.
- In the past seven days, all of Solana’s top 10 NFTs have recorded a trading volume of more than $13,000.
There is a distinct contrast between the level of activity in Solana’s NFT space and the price behavior of the blockchain’s native cryptocurrency, SOL. While the hype continues to increase among Solana NFT traders, SOL tends to have minimal volatility.
Solana’s native cryptocurrency, SOL, is trading within a narrow range. In the past seven days, the price of SOL ranged between $19.81 and $20.84. The current sideways trend is the narrowest range Solana has traded in since the beginning of 2023.
In the past seven days, all of Solana’s top 10 NFT holdings have recorded a trading volume of more than $13,000. Degenerate Ape Academy recorded a trading volume of $13,100, with the highest performing Mad Lads NFT having a trading volume of around $87,300 during the period.
Most Traded NFT Collectibles on Solana Last 7DMadLadsNFTTheHoopasNFT @FamousFoxFed @SolanaMBS #Transdimensional Fox Federation @SharkyFi @playtheist @ABC123Community @Claynosaurz @DegenApeAcademy @MagicEden #Solana $SOL.
– Solana Daily (@solana_daily) May 16, 2023
Other NFT holdings that joined the aforementioned in Solana’s top 10 list include The Box, with a trading volume of $28,100, and the popular Fox Federation trading $23,900 in the past seven days. The Solana Monkey Business raised $22,500 in turnover, and the Transdimensional Fox Federation reached $19,700 in turnover.
To complete the list, Sharx by Sharky has accumulated a trading volume of $16,800. The Heist made $16,300, ABC scored $14,100, and Claynosaurz took home $13,500.
With NFT trading standards and the current state of the NFT market, these numbers are significant enough to represent a vibrant ecosystem. This leaves many cryptocurrency participants wondering why the impact of this level of activity is not being reflected in the SOL price action.
SOL started the year at $9.96 and rose to a yearly high of $27.12, according to TradingView data. A price correction followed a higher SOL, which led to a local low at $16.01. Since then, the price has moved sideways in a channel that continues to narrow into a symmetrical triangle.
Many SOL users suspect that the coin is gaining traction ahead of a move that would reflect the level of activity happening in the Solana ecosystem.
Disclaimer: Reviews and opinions, as well as all information shared in this price forecast, are posted in good faith. Readers should do their research and due diligence. Any action taken by the reader is at their own risk. Coin Edition and its affiliates will not be liable for any direct or indirect damage or loss.
SOL’s price action appeared to contrast with Solana’s NFT activity level for the first time in coin issuance.
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