Ethereum

Cryptocurrency

Solana

Coin98

Strong

<ul>
 <li>Solana ranked second in NFT sales volume behind Ethereum in August.</li>
 <li>Significant declines in NFT buyers and sellers were noted in August.</li>
</ul>
Solana’s [SOL] NFT market demonstrated notable resilience in August, emerging as the second-highest blockchain by NFT sales volume, only trailing behind Ethereum [ETH]. According to data from Coin98 Analytics, Ethereum recorded $131 million in NFT sales, while Solana followed closely with $79 million. Bitcoin [<a href="https://thenewscrypto.com/bitcoin-price-plunges-to-57k-causing-uncertainty-in-the-market/" target="_blank" rel="noopener noreferrer nofollow">BTC</a>] also made it to the top three, with monthly NFT sales reaching $59 million.
Despite Solana’s impressive ranking, a closer look at the metrics reveals a challenging month for the blockchain’s NFT ecosystem. The data showed a significant decline in activity, with the number of NFT buyers and sellers dropping by 36% and 33%, respectively. Additionally, Solana’s total transactions plummeted by over 50%, barely surpassing the 1 million mark.
However, September may bring a turnaround for Solana’s NFT market.&nbsp;Recent data indicates a positive shift, with Solana’s NFT metrics showing signs of recovery over the past week. The blockchain’s NFT <a href="https://thenewscrypto.com/sec-cracks-down-on-opensea-as-nft-market-faces-legal-threat/" target="_blank" rel="noopener noreferrer nofollow">sales</a> volume saw a 2.7% increase, reaching $18 million. Moreover, the number of NFT buyers and sellers surged by 40% and 27%, respectively, suggesting renewed interest and a potential rebound in the NFT space.
<h3 class="wp-block-heading" id="h-strong-performance-ahead">Strong Performance Ahead?</h3>
While Solana’s NFT market appears to be stabilising, the broader market sentiment for the altcoin remains cautious. In the past 24 hours, Solana’s price has dropped by 1.8%, settling at $129. Despite the price decline, trading volume has <a href="https://coinmarketcap.com/currencies/solana/" target="_blank" rel="noopener noreferrer nofollow">surged</a> by 112%, indicating heightened market activity and investor interest.
As September unfolds, the Solana ecosystem will be closely watched to see if these positive <a href="https://solana.com/developers/nfts" target="_blank" rel="noopener noreferrer nofollow">trends</a> continue, potentially setting the stage for a stronger performance in the months ahead. Investors and analysts alike are hopeful that the blockchain’s NFT market can build on its recent momentum and overcome the challenges faced in August.
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Will Solana NFT Market Rebound After August Decline?

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