- Solana has recently seen an increase in his TVL.
- It ranks third in the seven-day NFT sales volume rankings.
A Solana [SOL]The NFT marketplace’s token listing on major exchanges has created a lot of excitement within the Solana network. However, whether this buzz has translated into increased volume for SOL would require analyzing trading data from Solana’s ecosystem and monitoring post-listing market activity.
Solana-based TNSR is listed
On April 8, Tensor, a major NFT marketplace on Solana, listed its newly launched token on major exchanges such as Binance and OKX. This listing followed an earlier announcement from Coinbase in the past week indicating that it plans to list the TNSR token when it launches.
While these announcements were expected, they still created a lot of excitement within the Solana community.
Analysis of the marketplaces on Solana, based on data from Tiexorevealed that they have collectively contributed approximately 374,000 in volume over the past seven days.
Tensor ranked second among these marketplaces by volume, behind Magic Eden, with 129,000 observed. However, Tensor led the pack in active wallets, with more than 207,000 in the past seven days.
Magic Eden, on the other hand, ranks second with around 39,000 registered active wallets.
TVL moves, but the volume remains
Analysis of the Solana volume chart indicates that the latest development has not significantly affected trading volume. At the time of writing, volume was approximately $791 million.
However, there has been an increase in Total Value Locked (TVL) recently. Although this increase cannot be directly attributed exclusively to the latest development, it did coincide with it. Currently, the TVL stands at over $4.6 billion, close to an all-time high of over $4.8 billion.
Source: DefiLlama
Solana records the third highest NFT sales volume
According to data from Crypto Slam, Solana ranked third in NFT sales volume over the past seven days. Analysis of the data showed that sales volume during this period exceeded $40.5 million.
It trailed only Bitcoin, which recorded more than $91 million, and Ethereum, which recorded more than $63 million in NFT sales volume in the same time frame.
SOL volume and price remain unaffected
Analysis of Solana on a daily timeframe shows no significant recent upward trend. However, at the time of writing, it was trading modestly up over 1% around $182.
Source: TradingView
Realistic or not, here is the market cap of SOL in terms of BTC
This rebound continues a trend of consecutive increases that started three days ago, after major declines at the start of the month. Despite these declines, SOL has managed to maintain its bullish trend.
Moreover, the volume shows that there has been a slight increase compared to April 7. Currently the volume is over $2.6 billion.