Ethereum ETF has proven its strength in the NFT market, beating Solana (SOL) in sales volume, even though its price recently dropped by 7%.
Ethereum ETF has recently outperformed Solana (SOL) in the NFT market, even with a 7% price drop. After months of competition, where Solana was challenging Ethereum’s lead, the trend has now shifted in Ethereum’s favor.
Ethereum Outpaces Solana and Bitcoin in NFT Sales
According to Coin98 Analytics, Ethereum ETF claimed the top spot for the highest NFT sales volume in the past 30 days. With a staggering $137 million in organic NFT sales, Ethereum outperformed Solana’s $101 million. Even Bitcoin trailed behind with $75 million in NFT sales.
DappRadar data further solidifies Ethereum’s position, with Liberty Cats, Pudgy Penguins, and Bored Ape Yacht Club leading the platform’s top NFT collections.
A Closer Look at the Numbers
However, things aren’t all good for Ethereum. Santiment data shows a big drop in both the number of ETH NFT trades and their trade volume in USD over the past month. Cryptoslam reports a similar trend, with a 39% decrease in Ethereum’s NFT sales volume and fewer sellers and transactions. Interestingly, despite the decline, the number of Ethereum NFT buyers slightly increased during this period.
ETH Price Takes a Hit
Even though Ethereum is winning at NFTs, the price of Ethereum itself has gone down. It lost over 7% of its value last week.
Technical indicators like MACD, RSI, and MFI show a bearish outlook for Ethereum, suggesting the price might keep falling. However, with the fear and greed index at 39, the market is in fear, which might signal a buying opportunity.
Ethereum ETF has once again proven its dominance in the NFT market, beating Solana and Bitcoin in sales volume, Despite a drop in NFT trade counts and sales, it kept its lead. However, ETH’s recent price drop is worrying, and investors should watch market trends closely. As the NFT market evolves, the competition between Ethereum and Solana is likely to heat up.
Also Read: Spot Ethereum ETFs See $107M Net Inflows
