Bittime - Solana (SOL) is stealing the show again. This time, it's not about the high transaction speed, but rather the achievements in the Non-Fungible Token (NFT) realm . After dominating the DeFi and memecoin sectors, Solana has now become the second major player in the NFT market in the last 24 hours, surpassing even Bitcoin (BTC).
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Solana Dominates the NFT Market
According to AMBCrypto's analysis of CryptoSlam data, total NFT sales on the Solana network over the past 24 hours surpassed $7 million. This figure outperforms Bitcoin which only recorded $6.9 million in the same period.
Even on a weekly basis, Solana remains in third place with total cumulative sales of more than $45 million.
The surge in NFT sales on Solana was driven by two main collections, namely Tensorians and Mad Lads. Tensorians, launched by NFT marketplace Tensor, managed to record sales of more than $4 million, a 131% jump over the previous week.
This increase in sales was accompanied by a significant increase in the number of transactions, buyers and sellers.
Mad Lads, Solana's top profile picture (PFP) collection, recorded weekly sales of more than $7 million, up 7% compared to the previous week. This collection accounted for 15% of Solana's total NFT volume over the past week.
Also Read How To Buy Crypto:
Will Solana Rule the NFT Market?
While predictions are still premature, Solana's strong performance in the NFT space has the potential to challenge the dominance of Ethereum (ETH) and successful newcomer Bitcoin.
Solana's advantage lies in its much lower transaction fees compared to Ethereum.
To maintain this positive momentum, Solana needs to continue increasing its appeal in the NFT sector.
When will SOL return to $200?
Meanwhile, the price of Solana's native token, SOL, fell 2.62% in the last 24 hours according to CoinMarketCap. This fifth largest crypto asset experienced resistance after touching $200 at the start of the week.
However, the opportunity for SOL to return to $200 in the near future is still open. The reason is, SOL is one of the high-cap tokens with the best performance over the past month, with a price increase of more than 40%.
The recent drop in SOL prices had a proportional impact on Open Interest (OI) in its futures market, as AMBCrypto observed using Santiment data.
Apart from that, the decline in the funding rate indicates the exit of long investors who are too leveraged.
This condition could actually pave the way for an increase in SOL prices in the coming weeks.
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How to Buy Solana (SOL) on Bittime
You can buy and sell Solana (SOL) in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Solana (SOL) is available on Bittime with the market pair SOL/IDR . To be able to buy SOL IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn Complete guide on how to buy Solana (SOL) on Bittime .
Monitor price chart movements for Solana (SOL), Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
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DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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