Posted: November 16, 2024

• The overall NFT market cap surged by $1 billion in just a week. 
• SOL’s price dropped by 4%, but buying pressure remained high.
  

The crypto market has remained highly volatile over the last week as several top coins rallied then pulled back. Not only was the market getting traction in terms of crypto prices, the NFT ecosystem was also heated up. While that happened, Solana [SOL] set a new record.  

Solana’s splendid NFT performance 

The NFT market overall witnessed promising growth. This was evident from the rise in its market capitalization. At the time of writing, the NFT market cap stood at $5.94 billion, which was a $1 billion increase compared to the previous week.

Activity in the NFT market also witnessed a similar increase, as NFT volume rose. 

SolanaFloor, a popular X handle that posts updates related to the blockchain’s ecosystem, pointed out a major development. As per the tweet, Solana surpassed all other blockchains combined in daily NFT users.

For perspective, while Solana’s number of daily users touched 18k, other top blockchains like Polygon [POL] and Ethereum [ETH] had 5.1k and 3.5k users, respectively.

This substantial difference between these blockchain’s NFT users allowed SOL to gain 55% dominance in the space.

Apart from this, CRYPTOSLAM’s data revealed quite a few other positive updates for SOL’s NFT space. For instance, the blockchain’s NFT sales volume surged by 85% last week. The total number of NFT transactions also soared by 11% during the same period. 

While Solana outshined the rest, Mad Lads and SMB Gen 2 made it to the top three on the list of top SOL NFT collections of the past seven days. Interestingly, the collection that raked #1 was a newly added collectible, named Luces, as per DappRadar. 

How is SOL coping?

Like Solana NFTs, the token SOL also witnessed gains last week, but things turned in bear’s favor in the past 24 hours. The token’s value dropped by over 4%.

At the time of writing, SOL’s fear and greed index was in the “greed” phase, which could have contributed to this latest price correction.

Read Solana’s [SOL] Price Prediction 2024–2025 

However, investors mustn’t lose hope. As per DeFiLlama’s data, SOL’s inflow declined significantly over the past few days. This indicated that buying pressure was high, which often results in price hikes. 

If the decline in flows actually translates into a bullish trend reversal, then investors might witness SOL rallying towards $220, as highlighted earlier by AMBCrypto.