Unlocking the Potential of Solana’s NFT Space: An In-Depth Look at the Platform’s Game-Changing Upgrade

Solana Mobile Saga Devices Begin Delivery

Solana Mobile has announced that its Saga devices began delivery on April 20, 2023. This could be a much-needed boost for Solana’s NFT space, which saw a significant decline in trade count last week. In the past month, Solana’s [SOL] NFT space has remained relatively quiet in terms of sales. According to CRYPTOSLAM’s data, Solana NFT sales volume increased marginally by just over 1% in the past 30 days. The announcement centered around Solana Mobile Saga, an Android mobile phone with unique functionality and features tightly integrated with the SOL blockchain. The core idea behind Saga is to make it easy and secure to transact in Web3 and manage digital assets, such as tokens and NFTs.

The Current State of Solana NFTs

After the departure of SOL’s popular NFT collections, other collections have taken their place. According to DappRadar, in the last seven days, Ev.io, Fab Punks, and Primates were the top NFT collections on the network. The daily active users on SOL’s NFT marketplaces remained stable. However, Santiment’s chart revealed that the total NFT trade volume in USD declined slightly last week. In addition to that, SOL’s total NFT trade count plummeted considerably, which raised concerns.

Can Solana Mobile Saga Help SOL?

The bearish market condition pushed SOL’s price down substantially over the last week. According to CoinMarketCap, SOL’s price has declined by over 11% in the last seven days. At press time, it was trading at $22.08, with a market capitalization of more than $8.6 billion. A look at SOL’s daily chart revealed that the Solana Mobile Saga’s update might not reflect anytime soon, as investors can expect a few slow-moving days. The MACD displayed a bearish crossover. SOL’s Relative Strength Index (RSI) and Money Flow Index (MFI) both registered declines and then moved sideways, decreasing the chances of a sudden uptrend. The same trend was also followed by the Chaikin Money Flow (CMF). Nonetheless, the Exponential Moving Average (EMA) Ribbon continued to favor the bulls as the 20-day EMA was above the 55-day EMA.

Demand Declined in the Futures Market

Not only did market indicators suggest a bearish trend, but some of the metrics also did not suggest the possibility of a trend reversal. SOL’s Binance funding rate declined last week, reflecting less demand for the token in the derivatives market. Token Terminal’s data revealed that SOL’s P/S ratio registered an increase, indicating that the asset was overvalued and suggesting a bearish trend.