Solana NFT Trading Volume Plummets as Bearish Trend Persists
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Solana currently holds the position as the third-most successful blockchain, boasting about $2.5 billion in combined NFT sales volume. However, the platform recorded only $91.5 million in sales volume in June, one of its lowest in months. The sales volume recorded represents a whopping drop of 64% from the numbers recorded in May, where the blockchain posted $261 million in NFT sales volume.
Regardless, the SOL NFT marketplace recorded higher monthly sales than many other marketplaces, including WAX, Immutable X, Polygon, Binance Smart Chain, Avalanche, Waves, and Ronin.
Solana Labs made its debut in March 2020 and has the Solana Foundation overseeing the development of the ecosystem. The smart contract blockchain can process at least 3,000 transactions per second with an average cost of only $0.00025 per transaction.
That said, the decline in average sale value triggered the drop in NFT sales volume. The June crash comes only two months after the platform recorded its highest monthly sales volume. The average NFT sale value in June was $58.5, a 79% drop from the $387.4 recorded in April. The total NFT sales volume in April was $311.55 million.
Key Solana Levels to Watch — July 27
Despite the series of declines recorded in the past few days, Solana appears to be in a bullish progression when viewed from a larger time frame. The smart contract-blockchain cryptocurrency has maintained a steady upward trajectory since it bottomed at $26 in early June, posting higher lows and higher highs.
That said, SOL is on the cusp of retaking the $40 mark after losing the handle in Monday’s crash. The renewed bullish momentum could help the cryptocurrency return above the June trendline, which should prepare it for an aggressive recovery over the following weeks.
Meanwhile, my resistance levels are $40, $50, and $58, and my support levels are $34, $30, and $27.
Total Market Capitalization: $1.03 trillion
Solana Market Capitalization: $13.4 billion
Solana Dominance: 1.3%
Market Rank: #9
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