SOL’s Price Action in Contrast With Solana’s NFT Activity Level
- SOL’s Price and NFT space are in contrasting behavior.
- The Solana NFT ecosystem is vibrant, but SOL’s price action is slow.
- In the last 7 days, all top 10 NFTs on Solana recorded over $13,000 in trading volume.
A distinctive contrast exists between the activity level in Solana’s NFT space and the price behavior of the blockchain’s native cryptocurrency, SOL. While the buzz continues to increase among Solana’s NFT traders, SOL is tending to minimum volatility.
Solana’s native cryptocurrency, SOL, is trading within a tight range. In the past seven days, SOL’s price ranged between $19.81 and $20.84. The current sideways trend is the narrowest range in which Solana has traded since the beginning of 2023.
In the last seven days, all the top 10 NFT collectibles on Solana recorded over $13,000 in trading volume. The least among them, Degenerate Ape Academy, registered a trading volume of $13,100, with the highest performer, Mad Lads NFT, accumulating about $87,300 during this period.
Most-Traded NFT Collectibles on Solana Last 7D @MadLadsNFT @TheHoopasNFT @FamousFoxFed@SolanaMBS#Transdimensional Fox Federation@SharkyFi@playtheheist@ABC123Community@Claynosaurz@DegenApeAcademy@MagicEden #Solana $SOL pic.twitter.com/hwuuIOkRgo
— Solana Daily (@solana_daily) May 16, 2023
Other NFT collectibles joining those mentioned above on Solana’s top 10 list include The Box, with a trading volume of $28,100, and Famous Fox Federation trading $23,900 in the last seven days. Solana Monkey Business accumulated $22,500 in trading volume, and Transdimensional Fox Federation reached $19,700 in trading volume.
To complete the list Sharx by Sharky accumulated $16,800 in trading volume. The Heist made $16,300, ABC recorded $14,100, and Claynosaurz garnered $13,500.
By NFT trading standards and the current state of the NFT market, these numbers are considered significant enough to represent a vibrant ecosystem. That leaves several cryptocurrency participants wondering why the impact of such activity level does not reflect in SOL’s price action.
SOL started the year at $9.96 and rallied to a yearly high of $27.12, according to data from TradingView. A price correction followed SOL’s rally, establishing a local low of $16.01. Since then, the price has moved sideways in a channel that keeps narrowing into a symmetrical triangle.
Several SOL users suspect the coin is building up momentum ahead of a move that would reflect the level of activity happening in the Solana ecosystem.
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