Solana's NFT ecosystem shines bright but metrics struggle, decoding ‘why'

Solana SOL developers have been stepping up their game for a while now with several new updates and integrations that help increase the capabilities and offerings of the network.

Timeline of Solana

It's been an explosive month for SOL, the cryptocurrency that powers Solana's high-performance layer-1 blockchain protocol. The cryptocurrency was last trading higher by about 145% on the month in the mid-$24.00s and is up an even more impressive more than 200% versus its end of December 2022 lows under $8.0 per token.

Solana price analysis shows strong signs of a continued upward run as price rose more than 3 percent over the past 24 hours to move as high as $25.21. Since the start of January, Solana price has increased from $9.37 to a high of $26.54 on January 21, incurring a 183 percent rise.

Solana continues to perform despite a decline in the buying volume, booking a 6% increase in the past 24h. Key Support levels: $20 Key Resistance levels: $27 The resistance at $27 is keeping bulls in check.

Along with other cryptocurrencies like Bitcoin and Ethereum, there was another altcoin Solana which also got submerged into the bearish momentum. This public Blockchain platform started its downward movement on Aug 13, 2022. Moreover, the altcoin dropped to $8 on Dec 29 after the collapse of FTX.

Solana [SOL] has been recovering from the FTX incident, which caused its price to drop dramatically. Recent updates from the network and projects on it show that it is still actively working, despite the recent upswing in fortune.

Recent Solana price analysis is bearish as it shows SOL/USD value has been reduced up to $23.43 today, as the bears have been availing chances for dominating the price function. The past few days had been highly favorable for the bulls as they managed to surge the price up to $24.

For traders thinking Solana is controlled by the bears, a popular crypto market analyst, Chris Burniske, is giving a fresh perspective of hope for the major altcoin.    According to the former lead of Ark Invest's crypto department, those who think that SOL is generally bedridden in a bearish mood are mistaken.

Solana (SOL) is on hyperdrive as the network quickly gains momentum in terms of liquidity which are seen at more than 300% as of press time. Following a sweeping price decline, Solana has turned the tide with metrics with flying colors.

Solana price analysis suggests sideways movement above $24.00 SOL faces resistance at the $26.00 level The closest support level lies at $24.00 mark The Solana price analysis shows that the SOL price action has fallen back to the $24.00 mark as the bearish pressure increases.

Solana price has upheld support above $20.00 against all odds and on the backdrop of the implosion of FTX, which threatened the survival of the ecosystem. The first meme coin on Solana, BONK Inu (BONK) had everything to do with SOL's initial rally that kicked off in late December. Solana price extended the rally into the New Year as the meme coin hype exploded.