The cryptocurrency market has experienced significant fluctuations in the past week, with various top coins seeing periods of growth followed by retreat. Alongside this trend, the NFT sector has been particularly active. Amidst this activity, Solana [SOL] has marked a noteworthy achievement.
Impressive Performance of Solana’s NFTs
The NFT market has shown remarkable growth overall, as evidenced by its escalating market capitalization. Currently, the NFT market cap sits at $5.94 billion, indicating a $1 billion surge compared to the previous week.
Activity within the NFT market has also seen a corresponding uptick, with NFT volume on the rise.
SolanaFloor, a prominent source providing updates on the blockchain’s ecosystem, highlighted a significant milestone. According to a tweet, Solana surpassed the combined daily NFT user count of all other blockchains.
For context, Solana’s daily user count reached 18k, outpacing Polygon [POL] and Ethereum [ETH] which had 5.1k and 3.5k users respectively.
This notable discrepancy in NFT user base among these blockchains has allowed SOL to establish a 55% dominance in the space.
In addition, data from CRYPTOSLAM unveiled several positive developments for SOL’s NFT domain. Notably, the blockchain witnessed an 85% surge in NFT sales volume last week, and the total number of NFT transactions rose by 11% over the same period.
While Solana emerged as a standout performer, Mad Lads and SMB Gen 2 secured spots in the top three SOL NFT collections of the past week. Interestingly, the top-ranking collection was the newly introduced collectible named Luces, as per DappRadar.
SOL’s Resilience Strategy
Similar to Solana NFTs, the token SOL experienced gains last week but faced a downturn in the past 24 hours, with its value dropping by over 4%.
Currently, SOL’s fear and greed index indicates a state of “greed,” which may have contributed to the recent price correction.
Nevertheless, investors should remain optimistic. According to data from DeFiLlama, SOL’s inflow has significantly decreased in recent days, suggesting high buying pressure that often leads to price increases.
If the decline in inflows translates into a bullish trend reversal, investors could potentially witness SOL rallying towards $220, as previously highlighted by CryptoCrypto.