Solana NFTs See 7-Day Surge as Whale Moves $105M in SOL, Is a Bigger Play Unfolding?
Key Insights:
- Solana NFT index climbs 0.23% in 7 days, signaling renewed market activity
- Whale moves 790,427 SOL worth $105M between unknown wallets
- Active wallets approach 4M as user engagement rebounds after early-week dip
Solana’s NFT and DeFi sectors showed renewed activity over the past week. The Forkast SOL NFT Composite Index climbed, wallet engagement increased, and whale transactions crossed the $100 million mark. These developments point to strengthening sentiment across the ecosystem.
Solana NFT Index Rebounds from Early-Week Low
The Forkast SOL NFT Composite Index rose 0.23% in seven days, reaching 507.35. Earlier in the week, the index dipped to a low of 502.47 on Apr. 9 before rebounding sharply on Apr. 11.
Earlier in the week, the index had fallen to a low of 502.47 around April 9. However, it rebounded very strongly, particularly after a sharp spike on April 11. The week ended with a strong close as the week’s high was at 507.39. This pattern indicates a wave of new trading or minting activity in the Solana NFT space.
Active Wallets Near 4 Million as Usage Rebounds
Additionally, growth has also been shown in user activity. On April 10, the number of active wallets peaked at around 5.4 million. The 7-day average is now 3.96 million. The drop comes after the number of wallets fell to just over 3 million around April 7.
From April 5 to 7, wallet activity decreased, but it started to climb again on April 8. It peaked at its highest point of the week by April 10. This may be due to increased engagement in both NFTs and DeFi applications on the Solana network.
The upward shift in wallet usage is still below the all-time high of 9 million, but it indicates that more people are participating. When wallets are activated, transaction volume goes up, which in turn increases liquidity and visibility for projects on the chain.
Mixed Sentiment as Crowd Holds Back but Smart Money Enters
The sentiment data is split. The current sentiment of the crowd is at -0.20, just below neutral, and the sentiment of the smart money is slightly positive at 0.35. This indicates that larger investors are beginning to show signs of confidence, while retail traders remain cautious.
Early warnings of behaviour shifts are often given by sentiment indicators. Retail traders may follow when smart money starts increasing exposure. While institutional activity has started to pick up, the gap between the two signals indicates that broader market trust in Solana is still being formed.
$105M Whale Transfer and ETH Bridge Fuel Speculation
Meanwhile, whale Alert reported a transfer of 790,427 SOL, which is worth over $105 million. The movement happened between two unknown wallets, which could imply that an institution or a high-net-worth trader is strategically repositioning.
Furthermore, more than $120 million has been bridged into the Solana network from other blockchains in the last week. More than $70 million of this amount came from Ethereum. This may be an indication of users looking for faster and cheaper transactions on Solana.
Over the weekend, the SOL/ETH ratio rallied close to the all-time highs. This move shows that Solana had performed better than Ethereum during this period. One reason capital is flowing in from Ethereum-based users or projects may be this shift.
Will Resistance level give Way for 30% Gains
Meanwhile, Solana is trading at $128.62. On the 4-hour chart, strong support is near $118.00 and resistance is near $135.60. A break above this level could allow the price to reach $178.90 about 31.57% above the breakout point.
Additionally, the chart shows MACD indicators in a positive trend. A bullish signal is often read when the MACD line crosses above the signal line. If volume holds, this supports the case for upward price momentum.
Disclaimer
This article is for informational purposes only. Crypto investment involves inherent risks due to the volatility in price. Readers should conduct their research before making any investment decision. Also, you can consult a crypto expert before investing in cryptocurrencies.
