Solana [SOL]: The volume of NFT, sales went wrong during the recovery of the market

Solana [SOL]: The volume of NFT, sales went wrong during the recovery of the market

Solana [SOL] NFT investors were among the most profitable investors in the first quarter (Q1) of 2022. According to data from MessariSolana experienced growth in many aspects at the time.

Despite a drop in cryptocurrency prices in the second quarter (Q2), Solana remained on the top to accumulate huge trading volumes.

Interestingly, the price of SOL, at the time of writing, has risen by 37.25% over the past seven days. However, in the previous 24 hours of printing, the Tier 1 (L1) cryptocurrency experienced growth of 5.83%.

But what happens on the NFT front

Solana Floor, the leading Solana NFT data platform, reported that most of the collections have not improved significantly. Investors would most likely have expected an increase in sales, volume or floor price.

However, it was more than one decline than giving in to expectations. According to the Solana Floor analysis, the 24-hour volume of Solana NFT was SOLana 109,220, worth $ 4,874,482 at press time, a 6% drop from July 19.

Solana NFT volume 24 hours | Source: Solana floor

However, in the early hours of July 20, trading increased. The activities of the sellers prevailed over those of the buyers. Based on the available data, Solana NFT sellers accounted for 44% of sales, with buyers 39%. The remaining 17% represented NFT flipping traders.

Even a look at the blue-chip collections from the Solana chain was not encouraging. DappRadar reported that the main NFT collections, Primates, decreased by 7.14% in sales and 11.17% in trading volume.

Likewise, DeGods and OkayBears had their minimum price trading below previous prices with a 6% and 20% decline.

Traders in major markets also declined. MagicEden came in at a decline of 6.64% and Solanart at a decline of 66.67%.

The 10 best Solana NFT collections | Source: Solana floor

Checks or balances

Despite Solana NFT’s poor performance, the open source blockchain continues to collaborate with other NFT projects.

At press time, the sales and volume trajectory had not shown any vital improvement. With the cryptocurrency market remaining green for the third consecutive day, it might be valid that the NFT season hasn’t returned yet.

Investors could only hope that the rise in the SOL price will positively affect their NFT holdings.

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