Solana’s price is up but can it
get back to $200?
Solana has seen a constant rise for the past two weeks ending in a current $123.84 standing. This rise could very well be attributed to the upcoming integration of Solana NFT into the OpensSea marketplace. Being placed in the world’s biggest marketplace for NFT definitely could give a boost to any token as the sales of NFT would see an increase.
Around March 30 SOL’s price gained 4.5% which is probably the best level rise since Feb. 11, 2022. Currently, the uptick is continuing with a high of $128.04 recorded before it dropped back down to the current $123.84. Even with these increases SOL/USD is still down 30% on a year-to-date timeframe comparison.
OpenSea’s integration may have given a boost to the SOL token as the sales on OpenSea were some of the best on March 29, the same day as the announcement to add Solana.
This being said the sales of NFT are still on a downtrend with Solana marketplaces suffering the most. Owner-to-owner sales have slipped by more than 13% and the market has shed 30% compared to January’s sales of $19 million. Solana of course is not the only blockchain to have losses in sales as other blockchains are seeing dips as well, possibly due to new regulations imposed on crypto in The United States and China. Ethereum has also seen a decline of more than 38%, keep in mind that Ethereum does control over 90% of all volume of NFT. Avax, Ronin, and Flow also have suffered major drops up to 60%. Ronin has also been the victim of a massive $600 million hack recently, thus lowering the sense of security of buyers.
The question then remains with drops in NFT sales can a change to OpenSea actually change the tide of SOl’s wave and help it get back to $200 or above? With the rate at which projects are dropping there is no lack of projects and purchases that can be made but with the stagnant growth of the NFT market lately it may still be a bit before we actually see SOL reach back up to $200 and beyond. Time will only tell but the fact remains that SOL continues to show up in multiple marketplaces and on the minds of many,
Remember the articles written on Solanews are informational only and not meant to be any indicator of what to purchase or what investments to make. Keep your own financial situations in mind, do your own research, and make decisions based on what is best for you. The writers,staff , and administration of Solanews may own certain tokens, or NFT.