Solana NFT sales hit an all-time high of US$2 bn. Points to note

Highlights

• Overall, NFT sales stood at US$15,548,150.91, a dip of 3.69% in the past 24 hours. 
• The average monthly NFT sales volume on Solana stood at US$7,902,924, with transactions worth 52,649 on 6 June only. 
• The Solana NFT sales volume increased by 160.63% in the past 24 hours.

Solana (SOL) crypto has witnessed some challenging periods in the crypto market of late. It has witnessed losses of over 46% in the past 30 days, with many experts even suggesting that it could further slide down. But the sudden spike on 6 June saw the Solana price jump by 11.72%, along with a trading volume rally of 60%. 

On 7 June, Solana was trading at US$39.24 with a 24-hour trading volume of $1,99,30,38,201.  

But one place which has got the Solana traders interested is the sudden rise in NFT sales volume, which saw SOL crossing the all-time high NFT sales. Solana managed to hold fort even though there has been an overall dip in the NFT sales market. In fact, overall NFT sales stood at US$15,548,150.91 – a drop of 3.69% in the past 24 hours. On 6 June, the total sales took a beating as it was down by 3.93% and stood at 15,956. A day later on 7 June, the scenario improved a bit as total sales was still down by 0.73% and stood at 20,207.

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Comparatively, the average monthly NFT sales volume on Solana stood at US$7,902,924, with transactions worth 75,117 on 6 June. The Solana NFT sales volume was up by a massive 160.63% in the past 24 hours, according to CryptoSlam. 

Why the sudden increase? 

Solana’s recent achievements indicate that it is still considered the best smart contracts-backed platform. A look at the data of the unique buyers of Solana in January 2022 would suggest that there has been an 83% increase in the new buyers with more than 153,602 resulting in 1,014,963 transactions. 

The popular NFTs on the Solana blockchain were Thug Birdz, Meerkat Millionaire Country Club, Portals etc. Solana enjoyed a healthy February month which saw the sales volume hit US$206.3 million, April month hit US$294.8 million, and May sales hit US$256.1 million.

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In June, the figure so far is at US$20,282,804.33 with 54,235 unique buyers and average sales of US$82.73, according to CryptoSlam. 

How is Solana crypto faring? 

The 9th ranked SOL crypto is trading at US$43.75 with a trading volume of US$1,63,62,12,470, according to CoinMarketCap. The token was enjoying a live market cap of US $14,87,15,58,210 and 33,99,38,233 SOL coins in circulation.

The Solana NFT sales should give investors some hope that it will be able to have a positive effect on the entire crypto market as well. There seems to be a ray of hope considering SOL RSI stood at 41.10 during the intraday trading on 6 June and showcased a sudden interest in the market. 

Having said that, investors should be careful about the volatility factor of the Solana crypto. Investors should not forget that prices can change at any given point in time. Therefore, one must ensure that they don’t make investment decisions in haste. 

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