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.
- SEO Powered Content & PR Distribution. Get Amplified Today.
- PlatoData.Network Vertical Generative Ai. Empower Yourself. Access Here.
- PlatoAiStream. Web3 Intelligence. Knowledge Amplified. Access Here.
- PlatoESG. Carbon, CleanTech, Energy, Environment, Solar, Waste Management. Access Here.
- PlatoHealth. Biotech and Clinical Trials Intelligence. Access Here.
- Source: https://thenewscrypto.com/solana-witnesses-severe-selling-pressure-as-crypto-market-turns-red/
- :has
- :is
- $UP
- 000
- 1
- 10
- 14
- 2023
- 24
- 26%
- 30
- 32
- 36
- 360
- 60
- 8
- a
- About
- above
- almost
- also
- Altcoins
- amidst
- and
- approval
- areas
- AS
- At
- barrier
- below
- Bitcoin
- border
- BTC
- buyers
- by
- climb
- CoinMarketCap
- concept
- contributing
- critical
- crucial
- crypto
- Crypto Market
- cryptocurrencies
- Currency
- data
- Date
- Days
- decide
- Development
- digital
- digital currency
- down
- downtrend
- dropped
- ecosystem
- ETFs
- example
- Fall
- Fallen
- Falling
- First
- first time
- flourishing
- followed
- For
- from
- further
- Go
- graduate
- Growing
- had
- Have
- he
- himself
- Hit
- HOURS
- However
- HTTPS
- if
- in
- increased
- IT
- ITS
- jpg
- keeps
- Key
- Last
- latest
- launch
- Level
- likely
- loves
- manages
- many
- Market
- max-width
- May..
- months
- more
- Moreover
- most
- native
- Native Token
- nearly
- negative
- news
- NFT
- nft sales
- NFT sales volume
- numbers
- occurred
- of
- on
- ongoing
- passionate
- path
- Peak
- per
- PHP
- plato
- Plato Data Intelligence
- PlatoData
- pressure
- price
- reasonable
- recent
- Red
- repercussions
- research
- Resistance
- respectively
- sales
- Sales Volume
- saw
- say
- SEC
- sector
- Sellers
- Selling
- severe
- Share
- short-term
- similar
- soared
- SOL
- Solana
- Solana (SOL)
- soon
- Spot
- States
- stats
- support
- support level
- SVG
- Swings
- taken
- test
- than
- that
- The
- then
- this
- time
- to
- token
- Trading
- trading volume
- Trend
- turns
- two
- United
- United States
- upward
- value
- very
- volume
- week
- Weeks
- which
- WHO
- whole
- will
- with
- within
- world
- writing
- zephyrnet