September 29 Solana [SOL] was able to outperform several other cryptocurrencies due to some appreciation of its price and market cap. Interestingly, the win wasn’t just limited to its prize.
Solana also managed to beat Ethereum [ETH] in NFT sales growth over the last 30 days by a notable margin. In fact, over the past month, SOL has seen NFT sales surge by over 100%, while ETH has gone in the opposite direction.
Top blockchains by NFT sales growth over the last 30D
🔴#ETH @ethereum -31%
🟢#SOL @solana +108% 🚀🚀#FLOW @flow_blockchain#IMX @Immutable #BNB @binance #RON @Ronin_Network #MATIC @[email protected] #AVAX @avalancheavax#WAX @[email protected] #Solana $SOL pic.twitter. com/PbpyubRRKJ
— Solana Daily (@solana_daily) September 28, 2022
That’s not all, as several other positive developments have taken place in the SOL ecosystem, any of which could have helped SOL.
At press time, SOL was trading at $33.41, up 6% on the price charts. Additionally, the altcoin had a market cap of $11,812,321,799.
What’s wrong with SOL?
On September 27th, another announcement was made related to the DeFi space in the Solana ecosystem. Yield Optimizer Dappio announced the launch of its new next-generation yield optimizer for DeFi and NFTs in the Solana ecosystem.
According to the official statement, Dappio would focus on simplifying Solana and attracting great developers to its ecosystem. This could be seen as good news for the Solana ecosystem as it brings more value to the blockchain.
💫@Dappio_ – the next generation yield optimizer for #DeFi & #NFT on #Solana
Dappio provides a one-stop hub where you can explore incredible yield farming opportunities across the Solana area and manage your portfolio at a glance💪
Let’s dig in Dappio Wonderland👇https://t.co/FxSuqnmmcE
— Solana Daily (@solana_daily) September 27, 2022
Interestingly, several on-chain metrics also corresponded to these above developments and pointed to the possibility of a further increase in the SOL price. The trading volume of SOL has increased significantly in the past week – a positive signal.
Also LunarCrushes Data revealed that SOL’s social engagement has also increased over the past few days, reflecting the token’s popularity in the crypto community. Not only that, SOL’s NFT division also saw massive activity as total NFT trading volume in USD soared.
It’s worth noting here that SOL’s development activity has dropped significantly over the past seven days. And yet, at the time of writing, development activity seemed to be on the rise again.
Source: Santiment
SOL on a mission?
Looking at the daily chart of SOL also raised hopes for better days as several market indicators supported the possibility of a further rise in the price of SOL. The Moving Average Convergence Divergence (MACD) showed a slightly bullish crossover. Additionally, the Relative Strength Index (RSI) moved along the neutral line, suggesting that SOL’s price could go either way.
Interestingly, the Bollinger Bands showed that the price of SOL has been in a crunch zone lately, forecasting a likely breakout to the north soon.
However, the 20-day exponential moving average (EMA) (green) was below the 50-day EMA (red). This could hinder SOL’s uptrend in the coming days.
Source: TradingView
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