Solana’s NFT ecosystem gained the attention of many over the last few weeks as it achieved quite a few milestones that looked promising for the network. One of these accomplishments was Solana’s NFT sales reaching an all-time high of 6.7 million in November.
Not only this, but several updates that were released on the Solana ecosystem, also added much value to the blockchain. For instance, as of November, Solana NFT’s market share was currently 13% in terms of sales volume among top blockchains.
SOL’s price did not show much of an impact as its price continued to decline. SOL registered more than 3% negative growth and, at press time, was trading at $13.59 with a market capitalization of over $4.95 billion.
Solana’s volume also decreased substantially over the last month, which was another negative signal. Nonetheless, Santiment’s chart suggested that things might get better for Solana soon, as a few of the on-chain metrics were supportive of a price hike.
Solana received quite some interest from the derivatives market as its Binance funding rate went up over the past 30 days. Not only that, but its development activity also increased, which was by and large a green flag.