In the past few weeks, the Solana [SOL] NFT ecosystem has gotten a lot of attention because it has reached several milestones that look good for the network. Solana’s NFT sales hit a record high of $6.7 million in November, which was one of the things it did well.
Several changes to the Solana ecosystem made the blockchain much more valuable. As of November, Solana NFT has 13% of the market in terms of sales volume among the top blockchains.
With a 90% market share of Solana transactions, Magic Eden also kept its place as the industry leader. After the FTX event, which shook the whole cryptocurrency market, the price and trading volume of Solana NFT’s Blue Chip climbed a lot.
DappRadar data shows that the y00ts collection was the most traded in the last 30 days, with sales getting higher by around 280%. Also, y00ts was one of the top ten NFT collections in terms of volume in the month before.
Even though all of these changes were good, Dune Analytics data showed that Solana’s NFT ecosystem had taken a step back. Dune says that the number of daily transactions on Solana NFT exchanges has been falling down, which is not a good sign.
Even SOL could be affected
Despite all of this, SOL’s price stayed pretty much the same and kept going down. At the time of writing, SOL was trading for $13.59 and had a market cap of about $4.95 billion, according to CoinMarketCap.
Also, Solana’s popularity has dropped a lot over the past month, which is a bad sign. Nonetheless, Santiment’s graph indicated that Solana’s fortunes could soon improve, since a variety of on-chain metrics supported a price hike.
As Solana’s Binance funding rate grew during the previous 30 days, the futures market became quite interested in it. Also, the number of projects it was working on to improve itself soared.