Solana NFT market becomes active, will SOL price recover?
According to data from analytics platform Santiment, Solana (SOL) recorded total NFT sales of 1.65 million tokens as of September 26. This is the highest that the project reached in September. However, can Solana’s growth in the NFT space help SOL gain attention?
Solana’s NFT Marketplace
As can be seen from the image below, Solana’s NFT trading volume has been steadily increasing over the past month. Some of the hype effect behind this spike can be attributed to the project highest performing NFTs degos and the newly introduced NFT, y00ts.
These NFTs not only help increase volume but also help drive the overall floor value of the project market.
Solana’s NFT growth can also be expressed through an increase in the total floor value. This value increase started on August 21 when the total floor value was at 341,806,095. At the time of writing, this number has risen to 518,927,609.
But that’s not all. The number of the project NFTs issued is also increasing. According to decentralized staking provider, everstake pool, the number of Solana NFTs minted has also seen significant growth.
Furthermore, the community confirmed on September 25th an amazing increase in Solana’s NFTs released on the NFT Metaplex platform. The platform has seen 1,219,289 the project NFTs go live in the past week. This can be seen as another growth sign for Solana’s market.
Some alarming signs
While everything is going smoothly for the projcet, there are also some alarming factors. The activity levels of traders, buyers and sellers have plummeted over the past few days. This can be seen as a bearish indicator according to some investors.
While Solana’s NFT is doing really well, SOL’s price performance hasn’t been very impressive in this bear market.
SOL is currently trading at $32.72 at press time and is up 7.2% in 24 hours. Furthermore, its volume has dropped 64% in the past 7 days. However, Solana’s market capitalization dominance rate spiked, +7.49% from last week.
It is holding 1.16% of the total cryptocurrency market share. Although the project volatility is decreasing, investors should exercise caution before entering a trade.
Looking at Solana’s energy consumption can be a good start for investors to better understand the future of SOL.
Solana Price Forecast (SOL): What is the expectation of SOL for 2022 – 2030?
At press time, March 9, the short-term outlook for SOL remains bearish, trading at around $89, according to CoinCodex. There are 13 technical analysis indicators for bullish signals and 15 indicators for bearish. CoinCodex solana prediction rose 22% to $108.5 on March 14.
The SOL Cryptocurrency Price Prediction from WalletInvestor is a bullish one. Wallet Investor’s prediction of the SOL cryptocurrency price is that it could have a strong price increase in 2022 reaching $217 in a year’s time. The site’s prediction based on this algorithm is that the price of SOL could rise to $749 by March 2027.
DigitalCoin’s Solana cryptocurrency price prediction is less optimistic, estimating that the coin could remain below $1,000 throughout the seven-year forecast period. It is predicted that SOL can average 116 USD in 2022, average 169 USD in 2025 and 404 USD in 2030. Solana coin price prediction website based on historical data.
The long-term SOL prediction from PricePrediction puts the average price at $109 for 2022, $331 in 2025, and $3,115 in 2030.
It is important to note that the crypto market is still extremely volatile, making it difficult to accurately predict the price of a coin within hours, and even harder when making long-term estimates.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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