Solana’s $4.6 billion TVL: How Tensor’s token debut played a role

• Solana has seen a recent rise in its TVL.
• It ranks third in the seven-day NFT sales volume ranking.

A Solana [SOL]-based NFT marketplace’s token listing on major exchanges has generated significant excitement within the Solana network. However, whether this buzz has translated into increased volume for SOL would require analyzing trading data from Solana’s ecosystem and monitoring market activity following the listing.

Solana-based TNSR gets listed

On the 8th of April, Tensor, a major NFT marketplace on Solana, had its newly launched token listed on major exchanges such as Binance and OKX. This listing followed an earlier announcement by Coinbase in the past week, indicating its intention to list the TNSR token when it launches.

While these announcements were anticipated, they still generated considerable excitement within the Solana community.

Analysis of the marketplaces on Solana, based on data from Tiexo, revealed that collectively, they contributed approximately 374,000 in volume over the last seven days.

Tensor ranked second in volume among these marketplaces, trailing behind Magic Eden, with 129,000 observed. However, Tensor led in terms of active wallets, boasting over 207,000 in the last seven days.

In contrast, Magic Eden ranked second with around 39,000 active wallets recorded.

TVL moves, but volume remains

Analysis of the Solana volume chart indicates that the latest development has not significantly impacted trading volume. At the time of writing, the volume was around $791 million.

However, there has been an increase in Total Value Locked (TVL) recently. While this increase may not be directly attributed solely to the latest development, it has coincided with it. Currently, the TVL sits at over $4.6 billion, close to its all-time high of over $4.8 billion.

Solana records third-highest NFT sales volume

According to data from Crypto Slam, Solana ranked third in NFT sales volume in the last seven days. Analysis of the data revealed that the sales volume during this period exceeded $40.5 million.

It trailed behind only Bitcoin, which recorded over $91 million, and Ethereum, which recorded over $63 million in NFT sales volume during the same timeframe.

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SOL volume and price remain unaffected

Analysis of Solana on a daily timeframe chart reveals no significant recent uptrend. However, at the time of writing, it was trading with a modest increase of over 1% at around $182.

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Source: TradingView

 Realistic or not, here’s SOL market cap in BTC’s terms

This uptick continues a trend of consecutive increases that began three days ago, following major declines at the start of the month. Despite these declines, SOL has managed to maintain its bullish trend.

Furthermore, examining its volume, there has been a slight increase compared to 7th April. Currently, the volume stands at over $2.6 billion.