Solana price is still unable to recover and as a result the cryptocurrency has been away from the top ten by market cap for several weeks now. While Solana failed to impress its investors, the growth in its NFT ecosystem has been noticed.
In fact, several new Solana NFTs were introduced in the past week, including Claynosaurz, Panda, Pixel Boy, Moo Doo, and ACF (Source: Solana Twitter Profile). Also interestingly, data from Dune (crypto-analyst) revealed that Solana NFT transaction volume has increased in the recent period. One possible reason for this increase is the y00ts NFT, which has reached over 2,100,000 SOL in trading volume. However, it should be noted that a slight decrease was observed in active Solana wallets.
NFT world is not enough. Investors are hoping for more positive metrics.
As expected, investors are waiting for good news not only from Solana’s NFT space, and it’s actually not as good as we think it is, considering that Santiment shows total NFT trade counts for SOL and USD trading volume going down in the past week.
While market indicators haven’t been in the lead in Solana’s favor, some on-chain metrics have shown some promising insights. For example, after a sharp decline, SOL development activity has rebounded in recent sessions, which is a positive sign for the network and its price.
Not to forget that SOL has also managed to maintain its popularity in the cryptocurrency community while increasing its social footprint.
At the time of writing, SOL price is at $13.86, up by 1.17%. But the chart gives a very good idea of the difficulties cryptocurrency investors are having in finding some support to set up a bullish move, aiming to offset huge losses. mid november.
As predicted in the previous article, the upside target at $31.82 and the downside target at $1.49, both yearly levels, have a 50% probability of being reached; It is only necessary to wait for the direction of the current sideways phase breakout.
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