Solana [SOL] Outshines Bitcoin [BTC] and Ethereum [ETH] on the NFT Front, Turns Bullish

Solana [SOL], which nowadays has been in the limelight for its high network activity, has once again made an achievement in the NFT ecosystem.

Solana [SOL] has been making waves in the crypto community with its impressive network activity and recent achievements in the NFT ecosystem. Despite facing some challenges in the past, SOL has managed to outshine top players like Bitcoin [BTC] and Ethereum [ETH] on a key front.

Solana's promising NFT performance

SolanaFloor, a popular X handle that posts updates related to the blockchain's ecosystem, recently posted a tweet highlighting an interesting development.

According to the tweet, Solana outshined all other blockchains in terms of daily NFT blockchain user adoption. SOL’s number increased by almost 34% in the last 24 hours. Apart from SOL, Polygon [MATIC] and Ethereum made it to the top three on the same list.

A look at DappRadar's data reveals that Frogana, Retardio Cousins, and SMB Gen2 were the top three NFT collections on Solana over the last 24 hours.

Solana's NFT trade count spiked last week, as highlighted by Sanrtiment's data. Its NFT trade volume in USD also increased over the past few days.

An analysis of CRYPTOSLAM's data by AMBCrypto revealed that Solana also witnessed an increase in its NFT sales volume last week. To be precise, the number grew by 8%.

However, not everything looked favorable. For instance, SOL's number of NFT sellers dropped by 59% last week. A similar declining trend was also noted in terms of SOL’s number of NFT buyers, as the figure dropped by more than 66%.

Sol turns bullish While all this happened, Solana bulls buckled up as its daily chart remained green.

Solana's price increased by over 4% in the last 24 hours, as noted by CoinMarketCap. At the time of writing, SOL was trading at $146.67 with a market capitalization of over $68 billion, making it the 5th largest crypto.

However, SOL might soon lose its bullish momentum. At the time of writing, SOL's fear and greed index had a reading of 68%, which indicated that the market was in a “fear” phase.

Whenever the metric hits this level, it suggests that the chances of a price correction are high.

Hence, a look at SOL's daily chart was planned by AMBCrypto to better understand what to expect from the token. Our analysis of the technical indicator MACD displayed a bullish advantage in the market.

The Relative Strength Index (RSI) registered an uptick and was headed further up from the neutral mark, indicating a continued price increase.

But, the Chaikin Money Flow (CMF) headed southward, which could restrict SOL's price from moving up in the coming days.

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