Key Insights
- Solana NFT sales have hit $5 billion, boosting the network’s popularity.
- December 2023 saw $365 million in NFT sales, beating the previous record from 2021
- The Solana NFT ecosystem now has 2.2 million buyers and 1.6 million sellers, suggesting high demand.
- Solana’s price has been recovering for a while from the FTX crash and appears to have found support around $100.
- The price target for SOL from here is around $143, which is a 45% increase from its current price.
2023 and even 2024 have been kind to SOL, relatively speaking.
Considering how the cryptocurrency declined straight down in 2022 from more than $200 to around $40, and then further down to around $9 when FTX/Alameda went down, SOL has come a long way.
Solana’s path back to the top became even clearer this week, when CryptoSlam, in a recent tweet, highlighted something interesting about Solana’s NFT sales.
$5 Billion In Sales Volume
According to this tweet from CryptoSlam, demand for SOL NFTs has exploded upwards in recent months and has even hit over $5 billion in all-time sales volume as of 23 February, this year.
SOL NFTs started to become popular in 2020, while Solana’s price and TVL initially started to grow.
Some of this growth disappeared in 2022, because of the Solana network’s ties to FTX/Alameda Research.
However, Solana’s past glory is starting to return, as shown by CryptoSlam data that indicates that SOL NFTs recorded their second-highest monthly sales volume in December 2023, with a whopping $365 million in sales volume for the month.
This coincided with the Q4 2023 SOL boom and was only slightly lower than the previous record of $373 million in October 2021.
Data from CryptoSlam also shows that the total NFT sales volume for the network has climbed further up to $5.022 billion, with 2,248,830 buyers and 1,620,696 sellers.
This difference in the number of buyers and sellers indicates huge demand for these NFTs, as well as the potential for further upside in this metric.
The increase in SOL NFT sales volume may have also been driven by the recent launches of projects like the Metaplex marketplace, Solanart, and popular NFT collections like Frogana, Open SolMap and MadLads.
Solana Is Back Above $100
According to the charts, SOL appears to have found support around the $100 zone, and could be attempting to break above its 20-day EMA soon, as illustrated below:
This support on Solana marks another higher high on the cryptocurrency’s chart, with the previous one being $78.96.
Considering how the $100 support is a psychological one, SOL could be poised to travel further upwards and hit the next resistance zone around $143 (or higher), in what would be a 45% price increase from current levels.
Overall, the only invalidation of this setup would be if, for some reason, we see a break below the minor $93.29 support from early February.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.
