• Solana’s NFT space has gained traction recently, with active users and increased transaction counts.
• SOL’s price has surged by 2% in the last 24 hours, while open interest and trading volume have also increased.
• There is high investor confidence in SOL as the Binance funding rate is high, reflecting its demand in the derivatives market.
Solana’s NFT Space Gains Traction
Solana’s NFT space has been getting some traction recently which became evident from the latest datasets. Most of SOL’s NFT metrics registered growth over the last few weeks, which looked optimistic for the ecosystem. MagicEden was the project with the most active users on Solana over the last seven days. SOL’s open interest increased, and sentiments around the token improved.
SOL Price Increases
Amidst all this, investors were having a good time as SOL price increased recently. According to CoinMarketCap , SOL’s price surged by nearly 2% in the last 24 hours at press time, it was trading at $16.27 with a market capitalization of over $6.5 billion. However, the surge might not last long as the price uptick was accompanied by a decline in trading volume, which is a typical bearish signal. Solana’s one-week price volatility suggested that the price uptick might end as well but open interest suggests an ongoing trend longer than expected initially due to its high demand in derivatives markets reflected by its Binance funding rate being high.
NFT Metrics Show Growth
High Investor Confidence
The surge of activity on SOL suggests investors are confident about their investment as Santiment chart reveals popularity increasing along with Coinglass pointing out open interests rising too thus suggesting current trends are likely to continue longer than initially expected due to high demand observed from its Binance funding rate being high
Overall it seems like Solanas‘ NFT space can be promising for future development and traders may find it profitable if they invest properly taking care of all necessary precautions such as considering declining trading volumes etc