Solana NFT Sales Rise 270%: Bitcoin Loses 2nd Rank

On Jul 5, 2023

Traders have top assets like Bitcoin and Ethereum on their radar at the moment. Even though other cryptos like Dogecoin have been rallying, they have seemingly “ignored” them. Solana, however, continues to be keenly discussed by community members. Tremors of the Robinhood and Revolut’s delistings were felt within the Solana ecosystem. Nevertheless, SOL has managed to put that behind already. Owing to its 20% appreciation in the last 7 days, SOL was the sixth largest gainer on the weekly at press time.

On the NFT front, Solana has been putting its best foot forward. Data from CryptoSlam indicated that Solana dethroned Bitcoin on NFT sales volume this week. Owing to the Ordinals’ mania, Bitcoin displaced Solana and other blockchains to stand next to Ethereum a couple of weeks back.

However, with the help of its 271% sales uptick, Solana currently holds the 2nd spot. Over the past week, $41 million worth of NFTs were settled on its blockchain, with a mere 2.1% coming from wash trades. Ethereum’s number stood around $300 million, but more than 54% was related to wash transactions. Bitcoin settled the least volume among the three, with wash trades accounting for nearly 4%.

Also Read: Bitcoin Flips Cardano, Solana to Claim 2nd Spot in NFT Sales

Other fundamental, technical deviations

On the DeFi front, Solana has been able to fare positively as well. Over the past week, it has been able to add more than $20 million to its TVL. On the YTD front, the number has risen by 33.3%, from $205.11 million to $273.56 million, indicating how users have been locking more funds locked on Solana.

From its YTD peak of $27.12, Solana has retraced by around 53%. At the moment, SOL is being tested by the 38.2% Fib level. If the asset continues to ride its bullish wave with improving fundamentals, it may re-test its peak, provided it breaches $19.8 and $22.6 midway. However, any bearish uprising might lead to $17.5 and $15.3 for correction levels.