Solana [SOL] Sets New Record as NFT Market Heats Up

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

Solana [SOL] set a new record as the crypto market witnessed a week of ups and downs. Several top coins experienced rallies followed by pullbacks.

Meanwhile, the NFT ecosystem also heated up with promising growth. As per the latest data, the NFT market cap stood at $5.94 billion at press time. This indicated an increase of $1 billion compared to the previous week.

Furthermore, activity in the NFT market also surged with a rise in NFT volume.

SolanaFloor, a popular X handle that posts updates related to the blockchain’s ecosystem, highlighted a major development.

According to the tweet, Solana surpassed all other blockchains combined in daily NFT users. To put this into 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.

Moreover, CRYPTOSLAM’s data revealed several 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.

Now, let’s quickly shift our focus to the token. How did SOL fare last week?

Well, the token 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 press time, 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.