Friday, July 19, 2024

Biggest Gainer: Demand for NFTs on Solana blockchain pushes SOL price higher

Solana is on the list of the biggest gainers of the week as SOL price has spiked nearly 10% in the last 24-hours. This has pushed its price to $122.49, a 26.76% rise in the last seven days.

Analysts attributed the price gains to rising demand for NFTs on the Solana blockchain. This has also prompted OpenSea – NFT marketplace to implement Solana NFTs in April. NFT trading volume has peaked over the past day on other Solana marketplaces such as Magic Eden. Solana NFT trading volume, as per CryptoSlam, has spiked more than 80% over the past 24-hours.

Over the last few days, Solana’s price has seen a strong rally with buyers stepping in to push prices further up. Prices have now begun to rise in a bullish trend. Analysts say bulls are in control of the market and a breakout above the $133 resistance could push SOL prices higher up in the short term. But SOL market volatility remains a concern. Volatility on the rise in recent times has pushed the price around. This shows that investors are becoming more confident in the market, and are buying SOL at the current price.

Moreover, data shows $147 million worth of Solana trading, as per CryptoSlam, over the past 30-days. The past day’s total is a significant uptrend over the recent daily average. The price is set for more gains as OpenSea could expose the market to a much larger audience. Interest is already being highlighted by existing Solana collectors and NFT buyers on Twitter.

https://decrypt.co/96462/solana-price-nft-trading-surges-opensea

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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