Solana’s Surge to $160 Boosts NFT Market: Key Insights on SOL’s Impactful Rise

There has been a significant surge in first-time wallets engaging with Solana NFTs over the last seven days, particularly within top collections. This uptick in activity indicates growing interest and participation in the Solana NFT ecosystem. While other metrics have also recorded hikes in recent days, metrics such as transaction volume and activity, Solana is still ranked behind major platforms like Bitcoin and Ethereum.

Solana NFT attracts more first-time users

As per recent data from Tiexo, there has been a slight hike in Solana NFT volumes over the last seven days, primarily driven by top collections. At the time of writing, the volume was around $28.72 million. This pointed to a 1.43% increase, compared to the previous week. Similarly, Solana Floor reported a 24-hour volume of around $3.8 million, marking an appreciation of 4%, at the time of this writing.

Additionally, Tiexo revealed an 18% hike in unique wallets over the past week, totaling around 180,000. Notably, first-time wallets saw the most significant growth, climbing to over 56,000 – A surge of over 39% within the same period.

Also, the total floor value of Solana NFTs, according to Solana Floor data, stood at approximately $438 million, at press time.

Solana lags behind Bitcoin and Ethereum

Over the past week, Solana NFT volumes recorded just a modest increase, maintaining its position among the top three platforms. According to data from Crypto Slam, Solana was ranked third in NFT sales volume over the aforementioned period.

In fact, records indicated a volume exceeding $23 million, trailing behind Ethereum with over $38 million and Bitcoin with over $47 million in sales, respectively.

SOL’s price enters $160-zone

Solana‘s price trend recorded a notable surge on 15 May, with a hike of over 11% on the charts. This propelled it from the $141-price range to surpass $158. At the time of writing, it was trading at around $163, marking a further hike of over 3%.

This surge has positioned Solana within a bullish trend, as evidenced by its Relative Strength Index (RSI). It was nearing 60 at press time – A sign of strong bullish momentum.

The price uptick may also positively impact the valuation of its NFTs, further enhancing investor sentiments.

Conclusion

This analysis highlights the dynamic growth within the Solana NFT market, driven by increasing first-time wallet activations and rising transaction volumes. Despite lagging behind giants like Bitcoin and Ethereum in overall volume, Solana’s recent price surge and its effects on the NFT market underscore its potential and growing investor interest. As the ecosystem continues to evolve, it remains a significant player in the broader digital asset landscape.