The Strength of Solana’s NFT Market Surpasses Ethereum in a 30-day Evaluation
Solana’s [SOL] recent dominance in the NFT sector over the past month has once again overshadowed its competitors, notably Ethereum [ETH]. While this achievement may seem promising, a deeper analysis unveils further insights. Let’s delve into the performance of these two NFT powerhouses.
Solana Outshines Ethereum
In a recent tweet by Coin98 showcasing the latest NFT ecosystem data, Solana emerges at the top of the blockchain hierarchy for the most NFTs generated in the last 30 days. Alongside Solana, Polygon and Base also secure positions in the top three on the ranking.
Notably, Ethereum occupies the 10th place on this list. Solana boasts the creation of 32 million NFTs, while Ethereum trails significantly with only 1 million, giving SOL a massive lead of 31 million in this aspect.
An analysis by CryptoCrypto of DappRadar’s data identified STEPN, SMB Gen2, and Mad Lads as the leading NFT collections on Solana in the previous month. Interestingly, despite recent migrations to Solana, projects like y00ts and DeGods did not make it to the top 5.
While these statistics convey a certain narrative, a broader examination might present a different perspective. For instance, CryptoCrypto’s study using CryptoSlam’s data illustrated that although Solana recorded a monthly NFT sales volume of $99 million, Ethereum’s sales volume reached $193 million.
Nevertheless, Solana maintained a significantly higher number of NFT buyers and sellers compared to Ethereum.
SOL Shows Bullish Signals
Amidst Solana’s positive performance in the NFT realm, the price of SOL once again exhibited bullish trends. Reports from CoinMarketCap revealed a price surge of over 2.5% in the last 24 hours, with SOL trading at $169.30 and commanding a market capitalization exceeding $76 billion.
With this recent price increase, the token’s weighted sentiment also experienced an upsurge, indicating prevalent bullish sentiment in the market. Moreover, the social volume of SOL exhibited an appreciation on the charts, underscoring the token’s growing popularity.
However, this momentum might face challenges as a significant derivatives market indicator displayed bearish signals at the time of reporting. Data from Coinglass indicated a decline in Solana’s long/short ratio over the past 24 hours.
A low ratio typically signifies bearish sentiment, indicating heightened interest in selling or shorting assets.