Solana’s [SOL] August performance on the NFT front was promising as it was only behind Ethereum [ETH]. Hence, it’s worth taking a look at how September will be for the altcoin and its ecosystem. 

Solana NFTs in August

Coin98 Analytics, a data analytics platform, recently shared a tweet revealing an interesting development. According to the same, Solana was only behind Ethereum in terms of NFT sales volume in August. While Ethereum’s figure was $131 million, SOL’s number stood at $79 million.

Apart from these two, Bitcoin [BTC] also made it to the top three on the same list as its monthly NFT sales volume touched $59 million.

AMBCrypto’s analysis of DappRadar’s data revealed that Frogana, SMB Gen 2, De Gods, Madlads, and Unicornio were the top performing NFT collections on Solana over the past 30 days.

However, despite ranking 2nd on the list of blockchains by NFT sales volume, Solana’s NFT metrics actually registered a drop last month.

CRYPTOSLAM’s data found that SOL’s number of NFT buyers and sellers dropped by 36% and 33%, respectively. Its total transactions also fell to just over 1 million – A +50% drop. 

Even so, September might be better since Solana’s NFT metrics climbed somewhat over the last seven days.

For instance, its NFT sales volume surged by 2.7% last week and hit $18 million. The blockchain’s number of NFT buyers and sellers also rose by 40% and 27%, respectively.

AMBCrypto’s assessment of Santiment’s data revealed that SOL’s NFT trade count spiked on 31 August. However, its NFT trade volume in USD declined over the last few days. 

How is SOL doing?

While a lot happened across Solana’s NFT ecosystem, SOL’s price action turned bearish, thanks to the market conditions. According to CoinMarketCap, SOL fell by more than 16% in the last seven days. At the time of writing, SOL was trading at $130.95 with a market capitalization of over $61 billion.

Investors must not lose hope though as a key indicator turned bullish. At press time, SOL’s fear and greed index had a value of 27%, meaning that the market was in a “fear” phase. Whenever the metric hits this level, it indicates that there are chances of a price hike soon. 

If a bullish trend reversal actually happens, then SOL might reclaim $149 in the coming days.

At that level, SOL’s liquidations would rise, which often results in short-term price corrections. On the other hand, if the bears continue to dominate, then SOL might fall to $127. 

Source : AMBCrypto - Sep 2, 2024