Solana [SOL]: Did NFT volume, sales go awry amid market recovery

Solana [SOL] NFT investors were among the most profitable investors in the first quarter (Q1) of 2022. According to data from Messari, Solana experienced growth in many aspects at the time. 

Despite a drop in crypto prices in the second quarter (Q2), Solana remained on top of amassing massive trading volume.

Interestingly, the price of SOL, at the time of writing, increased by 37.25% over the last seven days. However, in the previous 24 hours of press time, the layer-1 (L1) cryptocurrency registered a 5.83% growth. 

But what’s up on NFT front

Leading Solana NFT data platform Solana Floor reported that most collections had not improved significantly. Investors would most likely have expected an uptick in sales, volume, or floor price.

However, it has been more of a decline than succumbing to expectations. According to the Solana Floor analysis, the 24-hour volume across Solana NFTs was 109,220 SOL, valued at $4,874,482 at press time- a 6% decline from 19 July.  

Solana NFT 24-hour volume | Source: Solana Floor

However, trading witnessed an increase in the early hours of 20 July. The activities of sellers outweighed that of buyers. Based on the data available, Solana NFT sellers accounted for 44% of sales, with buyers taking 39%. The remaining 17% represented NFT flipping traders.

A look at the blue-chip collections on the Solana chain has not been encouraging either. DappRadar reported that leading NFT collections, Primates, has declined 7.14% in sales and 11.17% in trading volume.

Similarly, DeGods and OkayBears have had their floor price trade below previous prices at a 6% and 20% downturn.

Traders on major marketplaces have also reduced. MagicEden stood at a 6.64% decrease, and Solanart at a 66.67% fall off.

Top 10 Solana NFT collections | Source: Solana Floor

Checks or balances

Despite the dismal performance of Solana NFTs, the open-source blockchain continues to partner with other NFT projects.

NFTs are back at @Lollapalooza! ????

Join the Solana Foundation Treasure Hunt to collect Dopamine NFTs and redeem them at the Solana Compound for VIP passes, swag, and more!

Lolla attendees: Create a wallet & mint your first free NFT at pic.twitter.com/ge1r0Pyw4K

— Solana (@solana) July 19, 2022

At press time, the trajectory of sales and volume had not shown any vital improvement. With the crypto market remaining in the green for the third day running, it might be valid that the NFT season is not yet back. 

Investors might only hope that the SOL price uptick positively influences their NFT holdings.