Solana beats Bitcoin, Ethereum on THIS front: Will SOL also rise?

SOL’s monthly NFT transactions were much higher than Bitcoin, Ethereum. 
ETH’s weekly sales volume increased, while SOL and BTC dropped. 

Solana [SOL] continued to dominate the NFT ecosystem last month, followed by stalwarts like Bitcoin [BTC] and Ethereum [ETH].

Let’s dive deep into these blockchains’ performances in the NFT space to better understand who is actually leading the market. 

Solana takes the cake 

Coin98 Analytics recently posted a tweet highlighting the performances of multiple blockchains in the NFT space.

As per the tweet, SOL was the market leader last month in terms of the total number of unique traders, as its number touched 308k.

Solana was followed by Bitcoin and Ethereum, which had 129k and 74k unique traders, respectively. Polygon [MATIC] and Aptos [APT] completed the also made it to the top three of the same list.

Solana also outshines the rest with a whopping 5.2 million monthly NFT transactions. On the other hand, BTC and ETH’s numbers stood at 550k and 437k, respectively.

AMBCrypto’s look at DappRadar’s data revealed that STEPN, Mad Lads, and Famous Fox Federation were the top 3 NFT collections on Solana in the last 30 days.

NodeMonkes, Bitcoin Puppets, and RuneStone were the top three BTC collections.

Meanwhile, Bored Ape Yacht Club, Milady Maker, and Mutant Ape Yacht Club sat in the top three positions on the Ethereum blockchain.

It was interesting to note that despite topping the chart, Solana’s monthly NFT sales volume dropped by more than 40%. AMBCrypto reported earlier how BTC outshines ETH in terms of monthly NFT sales.

However, a similar decline trend was also noted on BTC and ETH’s NFT sales volume, as they fell by 62% and 52%, respectively.

Nonetheless, SOL’s number of buyers and sellers increased by double digits, reflecting high activity. 

Things changed in the past seven days in terms of growth as ETH outperformed the rest. CRYPTOSLAM’s data revealed that ETH’s NFT sales volume increased by 17% last week.

In the meantime, SOL and BTC’s numbers dropped by 18% and 37%, respectively. Notably, ETH also had the highest sales volume of over $40 million, while SOL’s number was the lowest as it stood at $14 million. 

SOL, BTC, and ETH’s state

While the NFT market witnessed a change in trend last week, all the cryptos’ prices turned bullish.

On one hand, BTC and ETH’s prices dropped by 4.4% and 3.4%, respectively, and on the other hand, SOL dropped by nearly 10%. At the time of writing, BTC was trading under $67k.

As per CoinMarketCap, at press time, ETH and SOL were trading at $3,558 and $144, respectively. 

Read Ethereum’s [ETH] Price Prediction 2024-25 

The bearish price actions also took a toll on these cryptos’ social metrics.

AMBCrypto’s analysis of Santiment’s data revealed that SOL, BTC, and ETH’s Weighted Sentiments dropped, meaning that bearish sentiment around them was dominant in the market.