Leading Layer 1 (L1) blockchain Solana (SOL) has emerged as the network with the most user activity in the non-fungible token (NFT) ecosystem in the last seven days.
In a post on X, crypto trader Crypto Rand noted that with 99,000 unique wallets completing over 1.2 million NFT sales transactions on it, Solana surpassed all other top blockchains during that period.
⚡️ #Solana #NFT landscape recorded the highest amount of unique wallets with 1.2M+ transactions in the last 7D to lead all other top blockchains!
Are NFTs making a comeback? I read you 👇 pic.twitter.com/qf33fx1eVh
— Crypto Rand (@crypto_rand) April 21, 2024
However, despite the 107% spike in the count of NFT sales transactions on Solana in the last week, sales volume on the network has plummeted by over 20% during that period, data from CryptoSlam revealed.
According to the NFT market tracker, Solana’s NFT sales volume in the last week totaled $34 million. This puts it behind the Ethereum (ETH) and Bitcoin (BTC) networks, which have seen sales volumes of $50 million and $108 million in the last seven days.
SOL Might Shed Some More Gains
At press time, the network’s native token SOL exchanged hands at $155. With Bitcoin’s halving event failing to spark any significant market rally, SOL’s price has risen by a mere 1% in the last week, according to CoinMarketCap’s data.
An assessment of the coin’s performance on a daily chart showed that bearish sentiments lingered among market participants. For example, SOL’s Elder-Ray Index readings showed negative values, which the indicator had returned since April 2.
This indicator measures the relationship between the strength of buyers and sellers in the market. When its value is negative, it suggests that selling activity is more than accumulation, confirming that the bear power dominates the market.
Likewise, SOL’s MACD line (blue) rested below its signal (orange) and zero lines at the time of writing. This bearish crossover occurred on March 22, signaling when the bulls were pushed out of the market.
When these lines are positioned this way, an asset’s shorter-term average is below its longer-term average. It is a bearish signal, and many interpret it as a sign to exit long positions and take short ones.