Solana [SOL] has received a lot of flak from the cryptocurrency community for its downtime debacle. However, the cryptocurrency may have looked to the NFT market for salvation. Magic Eden on Solana, one of the largest NFT marketplaces, recently released a new update.
Magic Eden announced the release of Boots, a customizable NFT powered by Raindrops Protocol. This update may result in some improvements to the Solana ecosystem. However, things were looking bleak for its NFTs at the time of writing.
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We are excited to announce that we’re working with @only_raindrops to make Boots a reality. We will be adopting a launchpad that enables creators to sell traits as another creator monetization tool.
Learn more below 👇
— Magic Eden 🪄 (@MagicEden) October 16, 2022
Blue chip blues
As can be seen from the image below, Solana’s blue chip index’s prices were declining since the past 30 days. The Solana blue chip index is a collection of the top Solana NFTs and their condition represents the overall state of the SOL NFT market.
Source: SolanaFloor
Along with the decline in the Solana’s Blue Chip index’s value, there was a drop in its tidal volume as well. Since 6 September, Solana’s volume witnessed a massive decline in terms of volume and fell by 75%. Furthermore, its total floor value declined by 23% in the same time period as well.
Despite volatility experienced in terms of floor value and volume, the number of buyers and sellers were consistent throughout this year. However, the number of traders began to decline after 26 September, which could be a cause of concern for potential investors.
Source: SolanaFloor
All in vain
Despite Solana’s efforts to gain investor interest, the overall sentiment around SOL remained negative. This could also be observed from the image below. A negative sentiment also indicated that Solana wasn’t able to gain back investor interest and trust at the time of press.
Another bearish indicator for Solana would be its declining developer activity which would indicate that Solana’s work on new updates and upgrades may have reduced based on the GitHub activity.
Source: Santiment
Despite the bearish indicators, Solana’s price managed to grow by 1.55% in the last 24 hours and was trading at $30.24 at press time. Along with its price, Solana’s volume and market cap registered an uptick as well and grew by 14.74% and 1.8% respectively.
