y00ts is on Polygon now, but what of Solana going forward?

April 7, 2023 Brazen Crypto Team Solana 0

  • Solana NFT sales increased over 7% in the last seven days. 
  • SOL’s price action was dormant, but a few metrics looked promising. 

Solana’s NFT space recently noted a major setback when one of its most popular collections, y00ts, completed its migration to Polygon. The importance of this episode was further proven by Solana Daily’s 5 April tweet revealed that y00ts was the most traded NFT collection on Solana over the last 30 days.

Ergo, tha question – Has y00ts’ migration negatively impacted Solana’s NFT space? 

Realistic or not, here’s SOL market cap in BTC‘s terms

Was Solana’s NFT space affected? 

This was not the case as data suggests otherwise. According to DappRadar, Monkey Kingdom overtook y00ts and others to become the most traded NFT collection, especially as its volume rose by over 100% over the past month. It was also interesting to note that after migrating to Polygon, the number of new y00ts holders declined slightly after spiking on 31 March. 

NFT ecosystem is finally growing

Though at first y00ts’ migration looked concerning for Solana, the reality was the opposite, as growth was seen on multiple fronts. For instance, Dune Analytics’ data revealed that there has been a spike in Solanart and Magic Eden transactions – A sign of increased usage.

Source: Dune

Not only that, but as per Cryptoslam, record growth was also noted in terms of sales. Solana’s NFT sales increased by more than 7% over the last week – An optimistic observation for the network’s NFT ecosystem.

Additionally, Solana’s total number of NFT trade counts and trade volume in USD also went up last week, further confirming Solana’s growth on the charts. 

Source: Santiment

SOL’s performance dipped       

While Solana’s NFT ecosystem continued to grow, the same was not true for the network’s native token.

SOL’s price registered a marginal decline over the last seven days. In fact, CoinMarketCap found that at press time, it was down 2% and was valued at $20.63 with a market cap of $7.9 billion. 

How much are 1,10,100 SOLs worth today

These metrics can help SOL 

Though SOL’s performances have not been up to par, several of the on-chain metrics suggested that things can get better for the token.

For instance, Solana’s Binance funding rate rose over the last few days, indicating its demand in the derivatives market.

Source: Santiment

Development activity is also up – Typically a positive signal.

Investors’ sentiments around SOL also improved considerably last week, which was evident from its weighted sentiment. The token’s popularity has also increased lately as its social volume soared.

Source: Santiment