Key Points
- Ethereum’s NFT trade volume experienced a decline last month, despite surpassing Solana.
- ETH’s price fell by over 7%, with market indicators showing a bearish trend.
Ethereum [ETH] has been somewhat overshadowed in recent months by Solana [SOL] in the NFT ecosystem.
Yet, the recent trend has seen ETH outperform Solana in this area, prompting a closer look at Ethereum’s NFT ecosystem performance.
Ethereum Outperforms Solana
Coin98 Analytics shared a tweet noting an intriguing development in the NFT space. It was revealed that Ethereum recorded the highest NFT sales volume in the past 30 days.
Apart from ETH, SOL and Bitcoin (BTC) also made it into the top three on the list. Specifically, ETH’s organic NFT sales reached $137 million last month, while SOL and BTC’s figures were $101 million and $75 million, respectively.
When examining DappRadar’s data, the top performing NFT collections of Ethereum were found to be Liberty Cats, Pudgy Penguins, and Bored Ape Yacht Club.
ETH’s NFT Trade Volume Drops
However, data from Santiment painted a different picture, showing that ETH’s NFT trade counts fell significantly last month. In addition, its NFT trade volume in USD also decreased during the same period.
Cryptoslam, an analytics platform focusing on NFTs, suggested that ETH NFT sales fell last month. According to their data, Ethereum’s NFT sales volume declined by 39% last month, with a similar downward trend in its number of sellers and NFT transactions.
Despite this, the number of ETH NFT buyers did increase slightly during this period.
ETH’s Market Status
Meanwhile, in the NFT space, ETH’s price fell by more than 7% last week. At the time of writing, ETH was trading at $3,258.75 with a market capitalization of over $391 billion.
A look at the token’s daily chart will be key to finding out whether this bearish trend would continue or not. The technical indicator MACD showed a bearish crossover, and Ethereum’s Relative Strength Index (RSI) showed a downtick.
The altcoin’s Money Flow Index (MFI) also moved south, suggesting that the chances of a sustained price decline were high. However, ETH’s fear and greed index had a reading of 39%, indicating that the market was in a “fear” phase. This could potentially signal an opportunity for a bull rally.
