Solana shows signs of recovery according to its volumes of NFT trading, despite a decrease in its SOL token value.
In 2022, SOL lost close to 84 per cent in value, however, powered by strong activity in the last week of the year, NFT trading volume grew stronger with the most activity it had since September 2022. The market conditions unsettled by the downfall of FTX were survived by Solana, starting with July 2022. The blockchain was a constant contender to Ethereum all throughout last year, as it is evidentiated by the Data Dashboard from The Block.
Solana’s solid trading month has been powered by its most popular NFT collections DeGods and y00ts. The latter is consisted of spinoff NFTs from the main NFT collection, DeGods. Both of them are crossing over to Ethereum in an effort to push blue-chip non-fungible token collections such as BAYC (Bored Ape Yacht Club). If this happens, Solana’s trading volume will continue to grow in the future.
Recently, SOL, the flagship token from Solana, managed to climb the charts, reaching growth level of 30 per cent at the start of 2023. SOL’s market cap was shortly overtaken by AVAX, the native token of Avalanche.
