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Solana's [SOL] new upgrade, a much-needed boost for its NFT space? Delving into...
The announcement revolved around Solana Mobile Saga, an Android mobile phone with unique functionality and features tightly integrated with the SOL blockchain. The core idea behind Saga was to make it easy and secure to transact in Web3 and manage digital assets, such as tokens and NFTs.After the departure of SOL’s popular NFT collections, their spots were taken by others. As per
, in the last seven days, Ev.io, Fab Punks, and Primates were the top NFT collections on the network. The daily active users on SOL’s NFT marketplaces were also stable.However, Santiment’s chart revealed that the total NFT trade volume in USD declined slightly last week. In addition to that,Can Solana Mobile Saga also help SOL?CoinMarketCapAt press time, it was trading at $22.08, with a market capitalization of more than $8.6 billion.
’s daily chart revealed that the Solana Mobile Saga’s update might not reflect anytime soon, as investors can expect a few slow-moving days.’s Relative Strength Index and Money Flow Index both registered declines and then moved sideways, decreasing the chances of a sudden uptrend. The same trend was also followed by the Chaikin Money Flow . Nonetheless, the Exponential Moving Average Ribbon continued to favor the bulls as the 20-day EMA was above the 55-day EMA.Not only the market indicators, but a few of the metrics also did not suggest the possibility of a trend reversal. For instance,
’s Binance funding rate declined last week, reflecting less demand for the token in the derivatives market.reveal that SOL’s P/S ratio registered an increase. This too was bearish, as it indicated that the asset was overvalued.
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