Solana NFTs: All about surging volumes and shifting dynamics

25 August 2023

in Meta News

Reading Time: 4 mins read

Solana NFT volume has surged over 120% in the last 24 hours.
Solana Blue Chip NFT Index has also seen a 10% increase in the last 24 hours.

The Solana [SOL] NFT space has experienced a surge in activity over the past few days, as recent data indicates. How has this recent uptick in activity affected the NFT trade volume and the value of SOL?

How much are 1,10,100 SOLs worth today?

Solana NFT volume surges

As of 24 August, according to a post by Step Data Insights, Solana emerged with the highest NFT sales volume within the last 24 hours. The post unveiled a nearly 20% surge in sales volume for Solana, in contrast to Ethereum [ETH], which experienced approximately a 3.4% increase during the same duration.

However, a more comprehensive analysis of the volume data on Crypto Slam revealed a more substantial escalation in sales volume. As of this writing, the sales volume had skyrocketed by over 124% within the past 24 hours.

Source: CryptoSlam

Furthermore, while Solana trailed behind Ethereum regarding trade volume denominated in USD, it outpaced Ethereum regarding the number of sales within the same timeframe. As of this writing, the cumulative sales volume had accrued to approximately $2.2 million.

Analyzing the Solana 7-day NFT volume

According to insights gathered from Solana Floor, it was evident that the surge in activity was not confined solely to daily trading volumes; the seven-day trading volume also experienced a positive upswing. As of this writing, the seven-day volume had escalated by 12%, amassing nearly $5 million in USD volume.

In addition, the Solana Blue Chip NFT Index indicated a notable 10% surge within the last 24 hours. However, it was worth noting that this increase remained below the threshold it had reached earlier in the month.

Furthermore, the statistics from Solana Floor highlighted that Mad Labs had established itself as the top NFT collection on the network. As of this writing, it had a cumulative floor value surpassing $11 million, with the second-highest floor value coming at over $8 million.

How does this impact the total SOL NFT trade volume?

Despite the impressive surge in total volume, the SOL NFT trade volume, as indicated by Santiment data, remained unaffected. As of this writing, the cumulative trade volume denominated in USD barely surpassed $2,600.

This figure presented a stark divergence from the average volume of around $5 million observed before the significant decline around July.

Source: Santiment

However, an improvement could be seen if the ongoing spike in trading volume maintains its momentum. In that case, there was a possibility that the USD trade volume could revisit the region where it had been prominent several months earlier.