Solana (SOL) jumps almost 20% in three weeks on NFT craze

Solana (SOL) jumps almost 20% in three weeks on NFT craze. Source: Shutterstock
Solana (SOL) jumps almost 20% in three weeks on the NFT craze. Source: Shutterstock

KENYA (CoinChapter.com) — Solana (SOL) has enjoyed a positive price improvement in the last three weeks. The token is now recovering after suffering a price dip due to the general market situation, growing from $31.86 to $38.42 in three weeks.

Solana weekly price chart. Source: TradingView
SOLUSD weekly price chart. Source: TradingView

This reflects an 18.6682% price increment in the last twenty-one days.

Aside from the positive price increment, the 24-hour trading volume of SOL increased from $854.85 million to $1.41 billion. Although the price increment didn’t emanate coincidentally, it sums up how SOL has gained attention within this time frame.

However, there is little to wonder about the sudden attention SOL has attracted in the past weeks. Recently, SOL-based NFTs have been increasing in popularity and market presence. One cannot deny how the growth of these NFTs projects has been reflected in the recent prosperity of SOL.

How Solana NFTs have flourished recently

Lately, Solana has enjoyed noticeable growth in its NFT sphere. Despite the general decline in the demands for NFTs, Solana-based NFTs have continued to flourish, which has helped SOL in return. Last month, the Solana network recorded 77,790 total NFTs minted on it. The network has witnessed more than half of this figure in less than two weeks into the new month.

According to CryptoSlam, Solana NFTs witnessed a 123.7% improvement in sales volume, which equals $39.36 million. Individually, some NFTs in the Solana ecosystem have garnered more positive market performance than others. This highlights that the improvement in the Solana (SOL) NFTs ecosystem didn’t spread to some projects in the sphere. At the same time, some flourished more than others.

Among the top performers in the Solana NFT ecosystem is Yoots: Mint Toobs, Solana Name Service, and ABC.

Cryptoslam indicates that Yoots Mint Toobs and ABC recorded a combined $15.4 million sales in the last seven days. Although Yoots Mint Toobs is undoubtedly enjoying a pleasant moment, Popular blockchain analytical firm Nansen revealed that the collection is now the second largest Solana NFT by market cap.

Impact on SOL

Now, the success of Solana is enjoying in its NFTs space is taking a positive toll on SOL.

The price trend is still way behind the all-time high of $260.06. However, the token is showing positive signs of recovery to grow higher. The continuation of this trend will push Solana into the limelight. Although we’ve seen the influence on the price increment of SOL, the NFT sphere is likely to feel the impact.

SOL NFT is on the course of giving ETH a strong market challenge.

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SOL, Solana (SOL) jumps almost 20% in three weeks on NFT craze

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