Solana’s Magic Eden has emerged as the leading NFT player within its ecosystem, showcasing impressive performance. Last week, the network’s NFT metrics displayed a positive trend, as evidenced by CRYPTOSLAM’s charts.
NFT Metrics Greenlight
The data indicates that the number of NFT sellers and buyers increased by over 20% in the past seven days. Moreover, there was a marginal rise in the number of transactions.
This growth was further confirmed by Santiment’s chart, which showed an uptick in SOL’s NFT trade counts. The NFT trade volume in USD also experienced a significant spike, reflecting the expanding NFT ecosystem.
Solana NFT Ecosystem is Flourishing
Not only did Solana observe growth in its NFT ecosystem, but it also experienced positive developments in other areas. SOL’s daily transactions rebounded after a dip and displayed an upward momentum.
The decentralized exchange (DEX) volume on Solana also surged, underscoring its popularity among traders. Data from Artemis revealed that Solana’s Total Value Locked (TVL) saw an increase in the last few days, a promising signal for the blockchain’s overall health.
Boost in Investor Confidence
The improvement in metrics may have positively influenced sentiment around SOL in the market. After a dip, Solana’s weighted sentiments registered an uptick, signaling a positive outlook.
Furthermore, the social volume for SOL witnessed a rise, indicating the token’s growing popularity within the crypto space. Notably, SOL’s development activity was also high, reflecting the dedication of developers to enhance the network.
Solana’s Weekly Chart Analysis
According to CoinMarketCap, SOL’s price rose by more than 6% in the past seven days, a bullish trend. At the time of writing, SOL was trading at $20.68, with a market capitalization of over $8 billion, making Solana the 10th largest cryptocurrency by market cap.
SOL’s Moving Average Convergence Divergence (MACD) showed promise for a further price increase, displaying a bullish upper hand in the market.