Solana [SOL]: Did NFT volume, sales go awry amid market recovery

ambcrypto.com:

Solana [SOL] NFT investors were among the most profitable investors in the first quarter (Q1) of 2022. According to data from Messari, Solana experienced growth in many aspects at the time. 

Despite a drop in crypto prices in the second quarter (Q2), Solana remained on top of amassing massive trading volume.

Interestingly, the price of SOL, at the time of writing, increased by 37.25% over the last seven days. However, in the previous 24 hours of press time, the layer-1 (L1) cryptocurrency registered a 5.83% growth. 

Leading Solana NFT data platform Solana Floor reported that most collections had not improved significantly. Investors would most likely have expected an uptick in sales, volume, or floor price.

However, it has been more of a decline than succumbing to expectations. According to the Solana Floor analysis, the 24-hour volume across Solana NFTs was 109,220 SOL, valued at $4,874,482 at press time- a 6% decline from 19 July.  

Solana NFT 24-hour volume | Source: Solana Floor

However, trading witnessed an increase in the early hours of 20 July. The activities of sellers outweighed that of buyers. Based on the data available, Solana NFT sellers accounted for 44% of sales, with buyers taking 39%. The remaining 17% represented NFT flipping traders.

A look at the blue-chip collections on the Solana chain has not been encouraging either. DappRadar reported that leading NFT collections, Primates, has declined 7.14% in sales and 11.17% in trading volume.

Similarly, DeGods and OkayBears have had their floor price trade below previous prices at a 6% and 20% downturn.

Traders on major marketplaces have also reduced. MagicEden stood at a 6.64% decrease, and Solanart at a 66.67% fall off.

Top 10 Solana NFT collections | Source: