Sunday, November 27, 2022

Solana Surged With NFT Trading Rising 80% After OpenSea Reveal

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Solana surged with NFT trading volumes rising by 80% after the OpenSea reveal and the price of SOL seems to benefit from the rise in interest as we can see more today in our latest altcoin news today.

Solana surged with NFT trading rising and SOL is the biggest gainer in the top 10 today with the price hitting 12% in the past day. The leading NFT marketplace OpenSea announced that it will add support for the Solana ecosystem in April and the NFT sales are surging. It has been quite a calm day for the crypto market with the wider market being up less than 2% over the past day but in the top 10 coins by market cap, SOL is rising above the rest.

Solana increased by 12% today and as per the data from CoinMarketCap and its price hit $124 marking a 36% increase from one week ago with the highest one being Solana since January 21. trading cooled down since then and SOL is now trading around $120 with a 6% increase over the past day and a 28% increase over the past week.

Avax is up by 7% to $99 while BNB jumped by 4% to $448. But why is Solana pumping so hard? It can be due to the rising demand for NFTs on the platform which spurred in the past few days and led to the NFT market OpenSea implementing Solana NFTs in April. The news was awaited for months since the first leak appeared and showed Solana-related development work on the ETH-centric marketplace while the recent leaks piled up more with Solana dropping a teaser video. The NFT trading volume surged over the past day on other marketplaces such as Magin Eden but the trading volume is up by more than 80% over the past day compared to its 24-hour timeframe.

The ETH trading volume registered an 8% bump over the past 24 hours and it is worth noting that ETH generates more trading volume with over $67 million worth in volume in the past day against $13 million on Solana. The $13 million figure is quite important for Solana with the data showing $147 million worth of Solana trading in the past 30 days and the profile picture collection Solana Monkey Business is reaping the biggest share of increased interest with $2 million in volume over the past day.

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