How Solana flipped Ethereum, Bitcoin in NFT Adoption

• 
  
  Despite
  outshining
  BTC
  and
  ETH,
  SOL’s
  number
  of
  NFT
  sellers
  and
  buyers
  dropped. 
• 
  
  SOL
  was
  up
  by
  4%
  in
  the
  last
  24
  hours,
  but
  a
  few
  metrics
  looked
  bearish. 

Solana
[SOL],
which
nowadays
has
been
in
the
limelight
for
its
high
network
activity,
has
once
again
made
an
achievement
in
the
NFT
ecosystem.

The
blockchain
has
managed
to
outshine
top
players
like

Bitcoin
[BTC]

and

Ethereum
[ETH]

on
a
key
front.
In
the
meantime,
its
price
action
has
also
turned
bullish. 

Solana’s
promising
NFT
performance 

SolanaFloor,
a
popular
X
handle
that
posts
updates
related
to
the
blockchain’s
ecosystem,
recently
posted
a

tweet

highlighting
an
interesting
development.

As
per
the
tweet,
Solana
outshined
all
other
blockchains
in
terms
of
daily
NFT
blockchain
user
adoption.
SOL’s
number
increased
by
almost
34%
in
the
last
24
hours.
Apart
from
SOL,

Polygon
[MATIC]

and
Ethereum
made
it
to
the
top
three
on
the
same
list.

AMBCrypto’s
look
at
DappRadar’s

data

revealed
that
Frogana,
Retardio
Cousins,
and
SMB
Gen2
were
the
top
three
NFT
collections
on
Solana
over
the
last
24
hours.

As
per
Sanrtiment’s
data,
SOL’s
NFT
trade
count
spiked
last
week.
Its
NFT
trade
volume
in
USD
also
increased
over
the
past
few
days. 

AMBCrypto’s
analysis
of
CRYPTOSLAM’s
data
revealed
that
Solana
also
witnessed
an
increase
in
its
NFT
sales
volume
last
week.
To
be
precise,
the
number
grew
by
8%.

However,
not
everything
looked
favorable.
For
instance,
SOL’s
number
of
NFT
sellers
dropped
by
59%
last
week.
A
similar
declining
trend
was
also
noted
in
terms
of
SOL’s
number
of
NFT
buyers,
as
the
figure
dropped
by
more
than
66%.

SOL
turns
bullish

While
all
this
happened,
Solana
bulls
buckled
up
as
its
daily
chart
remained
green.

ADVERTISEMENT

According
to

CoinMarketCap,
SOL’s
price
increased
by
over
4%
in
the
last
24
hours.
At
the
time
of
writing,
SOL
was
trading
at
$146.67
with
a
market
capitalization
of
over
$68
billion,
making
it
the
5th
largest
crypto.

However,
SOL
might
soon
lose
its
bullish
momentum.
At
the
time
of
writing,
SOL’s

fear
and
greed
index

had
a
reading
of
68%,
meaning
that
the
market
was
in
a
“fear”
phase.

Whenever
the
metric
hits
this
level,
it
suggests
that
the
chances
of
a
price
correction
are
high.

Therefore,
AMBCrypto
planned
to
have
a
look
at
SOL’s
daily
chart
to
better
understand
what
to
expect
from
the
token.
As
per
our
analysis,
the
technical
indicator
MACD
displayed
a
bullish
advantage
in
the
market. 

Is
your
portfolio
green?
Check
out
the

SOL
Profit
Calculator   

The
Relative
Strength
Index
(RSI)
registered
an
uptick
and
was
headed
further
up
from
the
neutral
mark,
indicating
a
continued
price
increase.

Nonetheless,
the
Chaikin
Money
Flow
(CMF)
went
southward,
which
could
restrict
SOL’s
price
from
moving
up
in
the
coming
days. 

Source:
TradingView