Crypto Analyzer

Solana NFTs jump 30% in 24 hours: What’s behind the surge?

## Understanding the Recent Surge in Solana NFTs by 30%

The Solana network has witnessed a significant uptick in non-fungible token (NFT) sales volume, experiencing a surge of over 30% in the past 24 hours according to data from CryptoSlam. The on-chain data provider reported that the value of all Solana-minted NFTs sold during this period amounted to $3.17 million, with a total of 78,165 NFT sales transactions completed on the network.

However, despite this recent surge, the overall NFT sales volume on Solana has seen a decline on a month-to-date basis, totaling $65.11 million, which represents a 57% drop from the previous month. In March, the platform hit a year-to-date high of $250 million in NFT sales volume before witnessing a decline.

Comparing Solana’s performance to other blockchain networks, Ethereum recorded a 20% decrease in NFT sales volume, while Bitcoin showed a 10% increase during the same period. The fluctuations in NFT sales activity across different networks indicate the dynamic nature of the digital asset market.

## The State of the NFT Market in the Last Month

The general NFT market has observed a decline in trading activity over the past month, with a 15% fall in the total volume of NFT sales across all collections, amounting to $448 million. Despite the drop in sales activity, the NFT market capitalization has seen a minor rally, increasing by 1% to $8 billion.

Noteworthy collections like the Bored Ape Yacht Club (BAYC) and CryptoPunks have shown varied performance during this period. The floor price of BAYC NFTs stood at 13 ETH ($49,000) with a 2% increase in value in the last 24 hours. On the other hand, CryptoPunks had a floor price of 40 ETH ($131,000) with only 3 NFTs from the collection sold in the same time frame.

### Key Takeaways

The recent surge in Solana NFT sales volume amidst an overall market decline showcases the volatility and resilience of the digital asset landscape. As different blockchain networks experience varied responses in NFT sales activity, it underscores the importance of monitoring market trends and staying informed about ongoing developments in the NFT space.