Solana is gearing up for what appears to be a rare bearish day in the crypto market. The recovery of asset prices has been a common theme since mid-July.
But traders’ confidence has been flickering following the U.S. inflation news. Solana appears to have taken the brunt more than others.
The SOL token is the worst affected among the top 10 cryptocurrencies according to CoinMarketCap. At press time, SOL was trading at $39.8 after dropping by 3.71% in the past 24 hours.
This shift effectively diminished the weekly gains of the token at press time.
Furthermore, according to data collected by Lunar Crush, the general sentiment around trading SOL has changed in its favor.
Around 25% of people are in favor of HODLing Solana while approximately 65% intend to buy it.
Only 6% of people are looking to offload the asset according to a Lunar Crush poll.
The poll also signaled at a falling social dominance metric which was down by 28.4% week-on-week. However, social engagements have increased dramatically by 111% while social mentions have shown a 26.9% increase.
In another ecosystem update, Solana tracked the most traded NFT collections recently. It conveyed that Rakkudos led the chart with a weekly volume of over $2.9 million. Vandal City and Degods collected $0.75 million each during this period.
We are here to give you a deeper insight into the @solana NFT market space!
Presenting the top NFT collections by weekly sales volumes 👑!
— Solana News ☀️ (@SolanaNews) August 10, 2022
Among development updates, deBridge has launched the first Transaction Parser for Solana. This tool will give developers the ability to “easily read and decode transactions” on Solana.
deBridge’s announcement on Medium stated,
“With our newly open-sourced Solana Transaction Parser, every developer has now the ability to inspect the contents of a serialized message for debugging and development in the Solana ecosystem. Let’s dive into the details and explain how to get started.”
Despite the minor setback on 10 August, Solana appears to be in a strong position to grow. The data points are pointing toward a growing ecosystem that continues to hike even in tough market conditions.