The analytics platform Santiment revealed that the NFT sales on the platform Solarium they reached 1.65 million dollars in September in the middle of a down season. can this keep the blockchain afloat? answers us Suzuki Shillsalot in Ambcrypto.
As you can see in the image below, the Solana NFT volume has been growing steadily over the last month. Some of the hype behind this rise in NFTs could be attributed to higher performing NFT degods from Solana and the recently introduced Y00ts NFTs.
These NFTs not only helped increase volume, but also helped drive Solana’s overall minimum market value.
Solana’s NFT growth can also be indicated by the increase in the total minimum market value of Solana NFTs. The rise in value began on August 21 when the total minimum value was 341,806,095 and this value has risen to 518,927,609.
In addition, it can also be seen in the image below that the total minimum value of NFTs in the Solana market saw significant growth over the last month.
But that is not all. The number of Solana NFT releases also increased. According to everstake Pool, a decentralized staking provider, the The number of Solana NFTs minted also saw considerable growth.
Additionally, the community tweeted on September 25 about how witnessed a massive increase in terms of Solana NFT posted on their NFT platform metaplex. The platform witnessed 1,219,289 Solana NFT releases over the past week. This can be taken as another sign of growth for the Solana market.
On a bitter note…
Although everything went well for Solana, there were also some alarming factors to consider. The number of merchants, buyers and sellers witnessed a sharp drop in their activity levels in recent days. This could be perceived as a bearish indicator by some investors.
Even though Solana NFTs were doing very well, it was not very impressive in this bear market.
Solarium increased by 7.2% in the last 24 hours. Besides, his volume depreciated 64% in the last seven days. However the Solana market capitalization dominance experienced a impressive 7.49% increase over the last week.
Solana becomes responsible for the 1.16% of the total crypto market share. Although Solana’s volatility has decreased, readers are advised to exercise caution before placing a trade.
observe the Solana power consumption could be a good start for investors to better understand what the future looks like for the token.
Solarium It is trading at $34.44 at noon and the 70-period moving average remains above the latest candles.
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