Is Solana Summer Back?

Everything is pumping…

It certainly looks like the Solana NFTs bull run season popularly known as “Solana summer” is back. The last time there was this much euphoria and pump in price of NFTs was earlier this year when Okay Bears NFTs minted. The Okay bears NFT reached a FP of about 100 Sol in a matter of days, the liquidity poured into projects like Tripping Ape, Communi3 and Reptilian Renegade, which all exceeded a floor price of 40 Sol. A lot of other projects launched at this period did not find problem having a good volume regardless of whether their utility or roadmap was feasible or not. A floor price of 10 Sol was almost an easy piece of cake for any project that launched at that period and as at then 1 Sol was $100.

Ever since the mint of these projects, most Solana NFTs have had a real struggle minting out or having a good volume. The new policy adopted by Magic Eden, leading Solana NFT marketplace to list NFTs before mint out also did not help the situation of Solana NFTs as at that period. Most are of the opinion that the earlier bull run sucked so much liquidity out of the ecosystem, leaving nothing left for the growth of other projects. With the bearish situation of the market, the volume of Solana NFTs kept dwindling until recently.

Yoots NFT, the most anticipated NFT on Solana eventually minted with $1000 and currently has a floor price of about 130 Sol ($4,740). The success of the project was not a surprise due to the team involved, caliber of people in community, the hype, it almost seemed like everything was ready to sail smoothly. Despite having some problems during mint, Yoots was a success, but what is more amazing is the aftermath of the Yoots mint. Just like the pump and euphoria that came after the huge success of Okay Bears, the same feeling has emerged with the concluded Yoots mint.

However, there is a little difference, as at the time of Okay bears the bull run and euphoria poured into projects about to launch, in this case, already launched projects were the targets of the pumps and bull run. While the value of OG project continues to increase, projects about to launch still strive to mint out and have a good volume. This has been noticed by the Solana NFT community as well and is regarded as the smart money flow.

The Smart money flow has been described to mean, investors knowing the right place to invest their money and not the popular pump and dump scheme. One of the biggest surprises is the ABC NFTs which pumped from less than 20 sol before the yoots mint to 70 sol after the Yoots mint. Projects like Blocksmith Labs,Vandal City, Jikan amongst others have also pumped after the Yoots mint. These are projects that have continuously been building and providing value for their community despite the market situation. Unlike post Okay bears, Liquidity from Yoots was used to acquire NFTs with good prospects that should still have value over time.

Do we conclude that Solana summer is back? Well, the NFT community is aware of projects that have been building and working regardless of volume or market situation, perhaps it is summer time for those projects.

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