SOL Price On The Verge Of A 15% Correction! Will NFTs Be The Only Way Out?

   The crypto market has been skittish for a brief time now. This can be seen reflected on the price charts and sentiments of folks from the crypto town. The market cap of the industry is presently at $1.93 Trillion, which is up 6.3% over the past day. The sentiments have been taking a toll alongside the price action. The fear and greed index is now down to extreme fear at 22.

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Crypto investors and merchants have been following up with the analytics of a number of top-tier crypto assets. Consequently, Solana is one of the few digital assets, which remains under active consideration of the masses. While a number of metrics portray bland numbers. The network portrays astounding metrics around NFTs. With daily volumes rising 67.38% over the bygone day.

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Are These Metrics Hinting At Solana Being Under The Claws Of The Bears?

  Talking about metrics, the daily transfers of SOL is currently falling short of its higher peaks from the past. As of 8th March, the count of daily transfers of SOL was at 9.16 M. The hourly number of blocks for the past 30-days have been maintaining numbers closer to 6000. Whilst incurring intermittent falls to the bottoms. The block count hit 5,946 on the 8th of March.

The TPS has been taking a plunge in recent times and is falling short of its peak at 3000 TPS. At the time of press, the TPS is at 2,933.29, which is closer to the highs. The success rate is holding onto levels well above 80%, the current rate is at 81.61%. Conversely, Solana DAU for the last 30-days has been on a roller coaster ride.

Successively, the numbers are picking up steam since the bottoms of 158,951 from the 26th of February 2022. The numbers rose to 206,603, on the 28th of February 2022. In contrast, Solana DeFi DAO has been in turmoil for the last 30-days. The numbers have taken a steep plunge from 41,030 on 1st March, to 30,891 on March 8th.

There’s More To Solana’s Metrics!

The network’s dApp usage and deposits are on a steady decline in of-late. According to DappRadar, Solana’s dApp usage has seen a decline of 18% since January 28th. The deposit of Dapp has fallen by 45% in the last 3-months. The TVL in dApps has been the lowest since September. Solana’s TVL is presently up 3.92% at $7.33 B, Solend dominates the TVL with a 12.80% share.

On the contrary, NFTs continue to remain one of Solana’s biggest strengths. Learning from DeFillama, the daily volume of SOL in NFTs is presently at 45,447. Which has risen 67.38% over the bygone day. NFT marketplace MagicEden currently has over 200,000 users. The user base has grown over 200% in the last 30-days.

Summing up, while a number of metrics have been lacking the zeal, NFTs from the ecosystem has been scripting startling numbers. Which hints at the possibility of NFTs propelling Solana to greater highs. That said, the SOL price is awaiting a major push that could propel numbers. Else SOL price could take a plunge to $80 if situations turn in favor of the bears.