Solana overtook Ethereum in the NFT market

[Boopathi 0]

Solana has surpassed Ethereum in terms of total sales in the NFT marketplace  with 100% growth in the last 30 days , while the latter suffered negative 18% growth according to Suzuki Shillsalot at Ambcrypto .

Not only this, but CryptoDep , a popular Twitter user who posts about crypto updates, mentioned that Solana was also on CoinGecko's list of cryptos trending on Oct. 12 .

Although both developments looked quite promising, nothing seemed to reflect on Solana's graphic as it was mostly painted red. Data from CoinMarketCap revealed that it was one of the worst performers among the top 10 cryptocurrencies in terms of market capitalization , posting more than 10% negative weekly gains.

One possible reason for this depreciation in performance could be the most recent hack of Mango , a DeFi project in Solana. By tampering with Mango's collateral, the hackers received a significant amount of loans from the company's treasury , potentially causing a loss of more than $100 million. Interestingly, Solana's on-chain metrics also revealed that things were worse than they seemed.

but not all good
Technical strength indicators
Solana development activity has dropped considerably over the past week , which is a red signal for a blockchain as it represents less effort from developers to improve the network.

However, development activity picked up slightly . On the other hand, its volume was marginally down on October .Not only this, but Solana's FTX funding rate also saw a decline , indicating lower interest from the derivatives market. However, the social volume skyrocketed last week . Thus, suggesting the growing popularity of the token.

Interestingly, despite outperforming Ethereum in the NFT space, Solana's total NFT transaction count and dollar transaction volume both dropped last week. Solana is trading at $30.75 and the 70-period moving average remains above the last candles.