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Will NFTs help SOL outpace its performance to reach $140

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At press time, Solana [SOL] was changing hands at $88.99, having fallen by 2.44% in the last 24 hours. However, it appreciated by 1.44% in the last seven days. While the crypto market and the top 20 cryptocurrencies have been switching between red and green fast enough to give investors whiplash, it’s time to slow down and take a harder look at Solana.

Art for the SOL

With a market cap slightly below $1 billion, Solana’s NFT market scene has been capturing attention across the board. In the OurNetwork newsletter, Craig Burel noted,

“The number of NFT launches on Solana has skyrocketed, with more than 8m total NFTs being minted using Metaplex. Since September, there’s been a significant increase in the number of wallets with more than one NFT, which recently surpassed 500k.”

How are these numbers when compared to the incumbent giant OpenSea? In February 2022, Dune Analytics data showed that 2,033,077 NFTs were sold on OpenSea [Ethereum], while 1,764,674 NFTs were sold on OpenSea [Polygon]. However, the Solana-based Magic Eden NFT marketplace has been racking up more…

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