Solana [SOL] has been on the receiving finish of a whole lot of criticism from the crypto group for its downtime debacle. Nonetheless, the cryptocurrency might have trusted the NFT market as its saving grace. Just lately, one of many largest NFT marketplaces, Magic Eden on Solana launched a brand new replace.
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Right here’s AMBCrypto’s Worth Prediction for Solana for 2022-2023.
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Magic Eden tweeted concerning the launch of Boots, a customizable NFT, with the assistance of Raindrops Protocol. This replace might perhaps carry some enchancment within the Solana ecosystem. Nonetheless, on the time of writing issues have been trying bleak for its NFTs.
🧵1/ 👞
We’re excited to announce that we’re working with @only_raindrops to make Boots a actuality. We will likely be adopting a launchpad that allows creators to promote traits as one other creator monetization software.
Study extra beneath 👇
— Magic Eden 🪄 (@MagicEden) October 16, 2022
Blue chip blues
As may be seen from the picture beneath, Solana’s blue chip index’s costs have been declining for the reason that previous 30 days. The Solana blue chip index is a group of the highest Solana NFTs and their situation represents the general state of the SOL NFT market.
Together with the decline within the Solana’s Blue Chip index’s worth, there was a drop in its tidal quantity as nicely. Since 6 September, Solana’s quantity witnessed a large decline by way of quantity and fell by 75%. Moreover, its complete flooring worth declined by 23% in the identical time interval as nicely.
Regardless of volatility skilled by way of flooring worth and quantity, the variety of consumers and sellers have been constant all through this yr. Nonetheless, the variety of merchants started to say no after 26 September, which might be a reason behind concern for potential buyers.
All in useless
Regardless of Solana’s efforts to achieve investor curiosity, the general sentiment round SOL remained unfavorable. This is also noticed from the picture beneath. A unfavorable sentiment additionally indicated that Solana wasn’t capable of achieve again investor curiosity and belief on the time of press.
One other bearish indicator for Solana could be its declining developer exercise which might point out that Solana’s work on new updates and upgrades might have decreased primarily based on the GitHub exercise.
Regardless of the bearish indicators, Solana’s worth managed to develop by 1.55% within the final 24 hours and was buying and selling at $30.24 at press time. Together with its worth, Solana’s quantity and market cap registered an uptick as nicely and grew by 14.74% and 1.8% respectively.