Due to its disastrous downtime, Solana [SOL] has received a lot of criticism from the crypto community. The NFT market, on the other hand, may have been the cryptocurrency’s salvation. Magic Eden on Solana, one of the largest NFT marketplaces, recently released a new update.
With the assistance of Raindrops Protocol, Magic Eden tweeted about the launch of Boots, a customizable NFT. The Solana ecosystem might see some improvements as a result of this update.However, the situation for its NFTs appeared to be dire at the time of writing.
Blue chip blues
The image below shows that prices for Solana’s blue chip index have been falling for the past 30 days. The best Solana NFTs are included in the Solana blue chip index, which shows how the SOL NFT market as a whole is doing.
The tidal volume of the Solana’s Blue Chip index decreased in tandem with the index’s value. Solana’s volume has decreased by 75% since September 6th. This is a significant volume decrease. In addition, its total floor value decreased by 23% during the same time frame.
The number of buyers and sellers remained steady throughout the year, despite fluctuations in floor value and volume.However, after September 26, the number of traders began to decrease, which may concern potential investors.
All in vain
The general public’s opinion of SOL remained negative in spite of Solana’s efforts to pique the interest of investors. The picture below also demonstrates this. At the time of press, a negative sentiment also indicated that Solana was unable to regain investor interest and trust.
A further bearish sign for Solana would be its declining developer activity, which would suggest that, based on GitHub activity, Solana’s work on new updates and upgrades may have decreased.
Solana’s price increased by 1.55% in the last 24 hours, reaching $30.24 at press time, despite bearish indicators. In addition to its price increase, Solana’s volume and market capitalization both increased by 14.74% and 1.8 percent, respectively.