- Solana’s NFT ecosystem has grown over the past week
- Market indicators revealed an ongoing battle between the bulls and the bears
Solana Daily, a Twitter account that posts updates related to the Solana [SOL] ecosystem, recently revealed the developments that took place in Solana’s NFT marketplace over the past week.
For example, Magic Eden launched its new Open Creator Protocol (OCP). It is a no-code solution that would enrich the utility of a token and personalize token actions.
Solana NFTs Highlights (Week 50)
🔸@MagicEden launched Open Creator Protocol (OCP)
🔸MagicEden is collaborating with @stripe
🔸@metaplex Royalty update
🔸@stepnofficial Genesis shoebox giveaway
🔸@DegenerateNews will appear first on the Magic Eden launchpad#SolanaNFTs @solana pic.twitter.com/cehRVZFLSP
— Solana Daily (@solana_daily) December 10, 2022
Read from Solana [SOL] Price prediction 2023-2024
— Solana Daily (@solana_daily) December 9, 2022
More good news!
Santiment’s data showed that apart from the developments mentioned above, Solana‘s NFT ecosystem also witnessed growth in terms of volume. The total number of NFT transactions and total NFT trading volume in USD increased last week.
According to DeFiLlamas data, Solana’s total value locked (TVL) also registered an increase in the past two days. Interestingly, Solana ranks fourth on the list of top TVL projects.
⚡️Top projects based on total stake value
December 9, 2022#Ethereum $ETH #ETH $ADA #BNBChain $BNB #BNB $SOL #Avalanche $AVAX #AVAX $POINT $MATIC #TRON $TRX #TRX $ATOM $ICP $CAKE $ALGO $ CLOSE #NEAR $ CURRENT $EGLD
— 🇺🇦 CryptoDep #StandWithUkraine 🇺🇦 (@Crypto_Dep) December 9, 2022
Solana recently announced the launch of DVT-1, Saga’s developer units program, and gave early access to a limited group of developers. The new program gave developers access to an early, pre-production version of Saga so they could build, test, and fine-tune it on real hardware.
Calling all developers!
We’re launching DVT-1, Saga’s developer unit program, and giving early access to a select group of developers
If you’re committed to building the future of Web3 on mobile, join us and help build it
Reserve your DVT-1 at https://t.co/QigYQjmxgn
1/ of 🧵 pic.twitter.com/81sh9qeFVj
— Solana Mobile (@solanamobile) December 9, 2022
All of these developments looked promising for the blockchain and had the potential to fuel another bull run.
What should Solana investors expect?
However, it didn’t prove to be favorable for Solana in terms of on-map performance. SOL failed to satisfy its investors as it registered only more than 1% in weekly profits.
From CoinMarketCapat the time of writing, SOL was trading at $13.64 with a market cap of over $4.99 billion.
A look at SOL’s daily chart painted an ambiguous picture. Some market indicators favored SOL, while others suggested a price drop. For example, the Exponential Moving Average (EMA) ribbon revealed the market advantage of sellers. The Relative Strength Index (RSI) was also below the neutral mark, which was a bearish signal.
Nevertheless, the Moving Average Convergence Divergence (MACD) registered a bullish crossover, giving investors hope for a price increase in the coming days. The Chaikin Money Flow (CMF) was also relatively up, which was a positive sign.