Solana’s weekly NFT sales volume hit more than $17.5 million in value, a jump of about 32%. SOL saw an increase in the number of long positions taken over the past few days. The Solana [SOL] ecosystem got a reason to celebrate as the daily NFTs minted on the network jumped to a three-month high […]
data, Solana was the second-largest destination for NFTs behind market leader Ethereum at the time of writing.SOL’s on-chain data gave some reasons to worry. From a monthly peak of 1.79 billion on 20 February, the trading volume went downhill and declined by 84% until press time, as per Santiment.
On the other hand, the funding rates on Binance and dYdX increased, implying that there was a demand for SOL in the derivatives market. This is generally taken as a bullish signal.The bullish sentiment was reflected in the increasing Longs/Shorts Ratio, according to data from Coinglass. There was a substantial increase in the number of long positions taken over the past few days.
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