Several critical stats soared in the last week, contributing to Solana’s NFT ecosystem’s flourishing. This occurred as the value of its native token dropped by more than 5% in the last 24 hours.
According to CryptoSlam’s research, Solana’s NFT ecosystem saw development in many areas within the last week. Its NFT sales volume, for example, increased by almost 40%. Numbers of buyers and sellers followed a similar upward trend, growing by 62% and 71%, respectively.
With BTC falling below the key $39,000 barrier for the first time in almost two months, the unpleasant price swings in the crypto market persist. Most altcoins have also taken a severe hit.
After nearly two weeks of the spot Bitcoin ETFs launch in the United States, it’s reasonable to say that the approval by the SEC had very negative short-term repercussions for cryptocurrencies and the sector as a whole.
Bears Domination
A crucial support level may soon decide the near-term path of Solana (SOL), which has fallen from its recent peak. At the time of writing, Solana is trading at $81.14, down 5.14% in the last 24 hours as per data from CoinMarketCap. Moreover, the trading volume is up 60.54%. Amidst the ongoing downtrend, the price is down 30.12% in the last 30 days.
If the price manages to go below $70.8 level, then it will likely fall further to test $61.1 support level. However, if the price manages to go above $95.2 then the price will likely climb further to test $103 resistance level.
