Solana NFT trading volume shows signs of strength despite rout
Quick Take
- NFT trading volume on Solana last week was the highest since September.
- Solana’s Sol has surged more than 15% over the past 24 hours.
NFT trading volumes on Solana are showing signs of strength for the ecosystem despite its native token losing about 94% of its value last year, with the week of Dec. 25 seeing the most activity since September.
Despite depressed market conditions that settled in around July, Solana never lost its second spot to Ethereum throughout 2022, according to the The Block's Data Dashboard.
Despite the solid month, there could be uncertainly looming ahead as most of the trading volumes stemmed from Solana's darling NFT projects DeGods and its spinoff collection y00ts. Both are bridging to Ethereum in an attempt to dethrone other blue-chip NFT projects, like Bored Ape Yacht Club, which may affect Solana's trading volume going forward.
Solana’s Sol has surged more than 15% over the past 24 hours and is up more than 30% so far this year. Amid declines last month, Avalanche's native AVAX briefly overtook its market cap.
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