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Solana [SOL] ranks second by NFT volume, but this might be transitory

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Solana [SOL] ranks second by NFT volume, but this might be transitory

  • Solana’s NFT market dominance was challenged by declining transactions and migrations.
  • The ecosystem also saw a decline in users’ interest; however, the SOL token did not suffer.

Solana was performing well in the NFT market over the last 30 days. According to data provided by Delphi Digital, Solana outperformed most cryptocurrencies in terms of NFT volume and managed to secure the second position.

However, despite this impressive performance, a decline in transaction count and major NFT collections’ migration to other chains, could pose a significant threat to Solana’s dominance in the NFT market.


Is your portfolio green? Check out the Solana Profit Calculator


Top chains by NFT volume (30 days)

🥇@ethereum
🥈@solana
🥉@0xPolygon
4️⃣@Immutable
5️⃣@Cardano
6️⃣@flow_blockchain
7️⃣@BNBCHAIN pic.twitter.com/trNHUxk1fB

— Delphi Digital (@Delphi_Digital) January 21, 2023

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Eat the blue chip

One of the key factors contributing to Solana’s success in the NFT market has been the growth of Blue chip NFTs in its ecosystem.

Well, their growth has been significant, indeed, especially given the fact that many investors have been flocking to the Solana marketplace to purchase these assets.

However, even though these Blue-chip index NFTs were growing, a majority of the Blue chip index’s volume was driven by NFT collections such as DeGods and y00ts.

Unfortunately, these collections are now planning to migrate to Polygon. This could be a cause of concern for the Solana NFT ecosystem and could signal a decline in users’ interest.

Source: NFTGO

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Another indicator behind the declining interest in Solana’s NFT ecosystem was the decreasing number of traders. According to data provided by NFTGO, the number of traders declined from 5,235 to 2,405 in the last few weeks.

Now, this fall had an effect on the number of transactions being made on the Solana network, as per Dune Analytics.

Source: Dune Analytics

Furthermore, the decreasing activity on Solana‘s dApps indicated a declining interest in the ecosystem as well. According to Dapp Radar, popular dApps such as Magic Eden, Raydium, and Saber have all witnessed a decline in unique active wallets.

All of these dApps observed more than a 20% reduction in the number of unique active wallets on their platform in the past week. Magic Eden, one of the largest NFT marketplaces on Solana, observed a decline of 12.77% in terms of volume. At press time, the overall volume on the dApp was around $21.37 million.

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Source: Dapp Radar

Looking at the token

Meanwhile, the Solana token observed a surge in terms of volume in the past few days. Although Solana’s volume continued to increase, its development activity declined, suggesting that the number of contributions being made on its GitHub had fallen.


Read Solana’s Price Prediction 2023-2024


Source: Santiment

That being said, at the time of press, the price of the SOL was $25.20 after it increased by 1.14% in the last 24 hours.

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Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times. He completed a two-hour course in journalism from a popular YouTube video and was one of the few to give it a positive rating. Shillsalot’s writings mainly focus on shilling his favourite cryptos and trolling anyone who disagrees with him. P.S – There is a slight possibility the profile pic is AI-generated. You see, this account is primarily used by our freelancer writers and they wish to remain anonymous. Wait, are they Satoshi? :/

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Polkadot [DOT] dropped to a key support zone; can bulls prevail?

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Polkadot [DOT] dropped to a key support zone; can bulls prevail?

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion

  • DOT was neutral after a sharp drop on the 12-hour chart.
  • A price reversal could happen if demand increases at the crucial support zone. 

The value of Polkadot [DOT] dropped after Bitcoin [BTC] broke below the $23.5K level. At press time, DOT was trading at $6.225, over 4% down in the past 24 hours. Similarly, BTC was closer to retesting or breaking below the $23K level. 


Read Polkadot [DOT] Price Prediction 2023-24


However, DOT’s drop hit a critical support zone, which could act as an inflection point if demand for the asset increases at the level. 

The support zone of $6.0 – $6.2: Can it hold steady?

Source: DOT/USDT on TradingView

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Is your portfolio green? Check out the DOT Profit Calculator


Polkadot’s January rally was slowed by two phases of price consolidation. The second price consolidation phase was the most challenging as it broke below the uptrend line at press time. 

But the drop hit a critical support zone of $6.013 – $6.200. The zone was a resistance level before it was flipped into the current support level. If demand for DOT increases at this level, DOT could witness a price inflection and reverse the losses from the sharp drop. 

Such an upswing could move DOT above the uptrend line to retest the overhead resistance level of $6.804. In addition, if BTC reclaims the $23.5K level and surges afterward, DOT could reclaim its pre-FTX level of $7.124. 

The On Balance Volume (OBV) increased steadily, showing an uptick in trading volume and buying pressure which could boost DOT’s potential uptrend momentum. 

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But the RSI was 50, showing a neutral structure; thus, the price direction wasn’t definitive. The above bullish bias will be invalidated if bears break below the support zone (green) at $6.000. The plunge could stop at the $5.754 or the 100-period EMA. 

DOT saw increased development activity and demand

Source: Santiment

As per Santiment, DOT recorded an impressive building in the network, as evidenced by the rising development activity. The increasing development activity also coincided with DOT’s price surge. 

In addition, DOT saw an uptick in the Funding Rate, indicating increased demand and bullish sentiment in the derivatives market. Similarly, the weighted sentiment retreated significantly from the negative territory, showing improved investors’ stance on the asset. The above trend could boost DOT’s recovery and uptrend.

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Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times. He completed a two-hour course in journalism from a popular YouTube video and was one of the few to give it a positive rating. Shillsalot’s writings mainly focus on shilling his favourite cryptos and trolling anyone who disagrees with him. P.S – There is a slight possibility the profile pic is AI-generated. You see, this account is primarily used by our freelancer writers and they wish to remain anonymous. Wait, are they Satoshi? :/

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Why Solana’s [SOL] recent gains might be undercut by this metric’s findings

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Why Solana’s [SOL] recent gains might be undercut by this metric’s findings

  • ‘Overvalued’ Solana’s indicators seemed to indicate the arrival of market bears 
  • On the contrary, SOL’s demand across the derivatives market increased

TK Ventures and CoinWire’s data revealed that Solana [SOL] is now the most overvalued blockchain. This was determined using the market capitalization/TVL metric. When a network’s market cap to TVL ratio is above 1.0, it means that the network is overvalued, which can result in a price correction. As Solana’s MKC/TVL value was 17.5, the probability of increased selling pressure can be considered to be high. 

According to the MKC/TVL ratio, @solana seems to be overvalued compared to other blockchains.

What is your opinion on this statement?

✨ Read Crypto Report 2022 below to gain more informationhttps://t.co/uHdBOBVQiC pic.twitter.com/59Z8OrEIrt

— Solana Daily (@solana_daily) January 30, 2023


Read Solana’s [SOL] Price Prediction 2023-24

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However, Solana’s recent price action tells us a different story. According to CoinMarketCap, SOL registered daily gains of over 6%. At the time of writing, it was trading at $25.55 with a market capitalization of more than $9.4 billion. 

The bears are here

While the price action has remained dynamic, Solana’s daily chart revealed the arrival of the bears, which might cause a trend reversal. For instance, the Relative Strength Index (RSI) registered a slight downtick near the overbought zone. The Money Flow Index (MFI) went close to the neutral zone – A bearish finding.

Moreover, the MACD revealed that the bears were in a battle with the bulls. Considering the aforementioned indicators, it seemed more likely for the bears to gain an advantage in the market. 

Source: TradingView

More reasons to be concerned 

Not only were the market indicators bearish, but Solana’s NFT ecosystem also registered a decline over the past week. CryptoSlam’s data revealed that Solana’s total sales value in the last seven days was 27.52 million – 27% lower than the figures for the previous week. Interestingly, despite the fall in sales, the total number of transactions rose last week. 

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Is your portfolio green? Check the Solana Profit Calculator


SOL’s on-chain metrics also raised alarm bells as they too looked to align with the sellers’ interest. Positive sentiments around Solana fell over the past week, reflecting the investors’ lack of trust.

Furthermore, SOL’s 4-week price volatility declined sharply, something that might restrict SOL’s price from going up in the coming days. Nonetheless, SOL’s demand in the Futures market increased as its Binance funding rate spiked. The network’s development activity also hiked, which by and large is a positive signal.

Source: Santiment

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Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times. He completed a two-hour course in journalism from a popular YouTube video and was one of the few to give it a positive rating. Shillsalot’s writings mainly focus on shilling his favourite cryptos and trolling anyone who disagrees with him. P.S – There is a slight possibility the profile pic is AI-generated. You see, this account is primarily used by our freelancer writers and they wish to remain anonymous. Wait, are they Satoshi? :/

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Twitter: Elon Musk reportedly plans to build crypto functionality to payments service

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Twitter: Elon Musk reportedly plans to build crypto functionality to payments service

  • Elon Musk’s Twitter plans on bringing payment services that could add support to crypto
  • Dogecoin registered a rise in its value following the report

Dogecoin (DOGE), Elon Musk’s go-t0 cryptocurrency, has seen a rise in its value over developments happening at Twitter. According to a report by Financial Times, Twitter has been designing software to bring in payments service on the platform. And, this platform could extend support to crypto.


Read Price Prediction for Dogecoin [DOGE] for 2023-24


Payments services coming to Twitter

In addition, the social media giant has been applying for licenses in various states in the United States. Twitter had previously registered itself as a payment processor with the US Treasury Department in November 2022. The firm also expects to complete all the licensing procedures by the end of this year.

Notably, the project is spearheaded by Esther Crawford – chief executive of payments at Twitter. The team is reportedly designing a vault for storing and protecting users’ information, which will be collected by the payments platform. Moreover, the report states that Musk wants the payments platform to be fiat centric. But, it would be built in a way that it could extend support to cryptocurrencies in the future.

Furthermore, Musk revealed plans on bringing payments services to Twitter back in October 2022. The Tesla CEO wants Twitter to offer financial services such as savings accounts, offering debit cards, and more. His grand plan for Twitter is to make it an everything app, with Musk stating that “Twitter probably accelerates X by 3 to 5 years, but I could be wrong”.

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According to CoinMarketCap, the popular meme-coin was trading at $0.0911 at press time. Since the news broke, DOGE recorded a rise of over 3 percent in the past 1 hour and had a market cap of over $12 billion.

Tesla leaves its Bitcoin investment untouched

Subsequently, Musk’s Tesla continues to hold on to its Bitcoins (BTC). According to the recently disclosed Q4 report, the firm did not buy or sell any Bitcoins during the last months of 2022. However, its Bitcoin holdings did record some losses, with the coin shedding $33 million of its value from Q3.

Tesla’s BTC was worth $184 million in Q4, while the same stood at $218 million in Q3. Notably, the company first invested in BTC back in 2021, but the firm sold over 75% of its $1.2 billion investment in mid-2022.

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