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These SOL Enthusiasts Keep Solana Alive, Here's How

Mon, 11/21/2022 - 16:03
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Gamza Khanzadaev
Solana still dominates this specific market despite SOL price falling
These SOL Enthusiasts Keep Solana Alive, Here's How
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After the drama with crypto exchange FTX and Alameda Research, there seemed to be no future for Solana. Both the exchange and the trading company held billions of dollars of liquidity in SOL, and the blockchain's affiliation with these entities further amplified the token's sell-off.

Nevertheless, Solana, though it has slipped to the top of the largest projects by the market capitalization of its tokens, and even given way to Shiba Inu (SHIB), still holds a large chunk in one of the most specific sectors of the crypto market. This is not least because of the enthusiasm of this group of crypto fanatics.

Source: CryptoSlam

We are talking about the NFT segment, of course, where Solana is second only to Ethereum in terms of sales of digital collectibles and other non-fungible items. In the last 24 hours, total sales of Solana-created items amounted to nearly $2.15 million, and even more so, up 10.54%, according to CryptoSlam.

With cautious step

In addition, the number of unique Solana NFT buyers has started to grow again, which in a way indicates a return of buyers and their trust in blockchain. Accompanying such pleasing figures for SOL enthusiasts was an increase in trading volume for the most prime NFT collections on Solana, such as DeGods.

However, it is important to keep in mind that crypto market sentiment was and is in a rather fragile state, and the FTX crash and its aftermath have further exacerbated this situation. NFT is the riskiest segment of the riskiest market at this time.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.