Solana’s NFT landscape is expanding significantly – with more to come

  • Solana’s weekly NFT sales volume reached over $17.5 million in value, a jump of about 32%.
  • SOL has seen an increase in the number of long positions taken in recent days.

The Solana [SOL] ecosystem was given a reason to celebrate as daily NFTs hit on the network recently surged to a three-month high.

According to a tweet from Solscan, the number of NFTs minted on March 3 reached 129,872, which was almost three times the average daily count over the past three months.

Further data from Solscan revealed that Solana was home to 274,36,000 collections and over 33 million NFTs at the time of writing.

How much are 1,10,100 SOLs worth today?

NFTs feed Solana!

Solana’s NFT landscape faced a major challenge after hitting a three-month low in the last week of February. This was after Solana’s major network outage that caused significant FUD among the community.

Source: Crypto Slam

Since then, NFT activity has recovered impressively. Data from Crypto Slam showed that the weekly sales volume was worth more than $17.5 million, a jump of about 32%.

The total number of NFT transactions also grew more than 9% from the previous week.

The expansion of Solana’s NFT ecosystem is significant, as the chain was hit by high-profile desertions not too long ago. DeGods, one of the most valuable NFT collections on Solana, announced last December that it would be migrating to Ethereum [ETH] while another collection of y00ts shifted to Polygon [MATIC].

At the time of writing, Solana was the second largest destination for NFTs behind market leader Ethereum, according to data from CryptoSlam.

Investors go long on SOL

SOL’s on-chain data raised concerns. From a monthly high of 1.79 billion on Feb. 20, trading volume went downhill, dropping 84% as of this writing, according to Santiment.

On the other hand, funding rates on Binance and dYdX increased, implying there was a demand for SOL in the derivatives market. This is generally seen as a bullish signal.

Source: Sentiment

Read Solana’s [SOL] Price forecast 2023-2024

The bullish sentiment was reflected in the increasing Longs/Shorts Ratio, according to data from Coinglass. The number of long positions taken has increased sharply in recent days.

However, according to CoinMarketCap, the SOL was down 2.48% in the 24-hour period at the time of writing.

Source: Coinglass

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