Solana (SOL) has made a significant impact in the NFT industry, posing a challenge to Ethereum’s dominance. With the recent launch of an NFT collection on Solana, various metrics have experienced a surge, but the question remains: Has this translated into an increase in the value of SOL?
Solana’s Mad Lads NFT collection has been dominating the NFT space in the last 48 hours, according to Crypto Slam’s sales volume data.
With over $4 million in sales, it has surpassed Ethereum’s Bored Ape Yacht Club, attracting more than 1,500 buyers and sellers through over 2,700 transactions on the Solana blockchain.
These impressive sales figures have helped Solana become the second-highest blockchain for NFT sales volume, with over $5 million in sales and 25,000 transactions, behind only Ethereum.
The surge in NFT sales on Solana has positively impacted its NFT metrics, with the total sales volume of NFTs in USD increasing sharply since March, according to data from Crypto Slam and Santiment.
The recorded sales have now surpassed $3.9 million, exceeding the highest sales in the last ten months before the March spikes, which were only $7.01 million.
Moreover, the number of unique addresses that purchased NFTs worth over $100,000 on Solana has increased, signaling a shift from the previous status quo of NFT sales.
Impacts on SOL
The recent success of Mad Lads and the surge in NFT sales have also had a positive impact on SOL’s price movement, with Solana experiencing a gain of nearly 4% over the past 48 hours.
As of this writing, it was trading at approximately $22.06, representing a gain of over 1% and propelling its price movement above the short and long Moving Averages, which now serve as support levels around the $21 and $20 price regions.