As Solana NFTs remain dire, will this update help matters?

Solana Mobile announced a reduction in Saga’s price.
SOL’s price chart was green, and indicators were bullish.

Solana [SOL] has witnessed a massive decline in its NFT ecosystem over the last 30 days. Not only did its sales volume decline, but a triple digit plummet was noted in terms of the number of sellers. However, are there chances of things getting better?

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Solana’s NFT ecosystem has concerns to address

CryptoSlam’s data revealed that Solana’s NFT sales volume plummeted by more than 56% last month. To add to the misery, its number of sellers dropped by a whopping 4131%.

In fact, the blockchain has also witnessed a few popular NFT collections, such as y00ts, migrate to Polygon [MATIC] in the past. Interestingly, y00ts has made a strategic decision to ignore the possibility of a move back to Solana and announced its migration to the Ethereum [ETH] blockchain.

Source: CryptoSlam

As evident from Santiment’s chart, the blockchain’s total NFT trade counts and trade volume in USD skyrocketed during May and the following week. However, the good days came to an end as both metrics plummeted over the coming months.

Source: Santiment

But the latest announcement made by Solana Mobile regarding Saga could help turn the situation around in the blockchain’s favor. Notably, Solana Mobile revealed that it has cut down the device’s price to $599.

The motive behind the price reduction was to increase the adoption of mobile Web3 and continue to enhance the experience for the community.

In April, we introduced Saga with a clear vision: to put web3 at your fingertips. We continue to work to bring more people into the ecosystem and drive web3’s mobile future. Today, we are reducing the price of Saga to $599.

Over the past four months, Saga users embraced the… pic.twitter.com/qpC1BHiqZ7

— Solana Mobile (@solanamobile) August 9, 2023

Whether the price reduction will be enough to garner user interest and help the blockchain uplift its NFT ecosystem will be intriguing to watch.

SOL investors are having a good time

While the blockchain’s NFT ecosystem showed little promise, SOL’s price action remained bullish last week. As per CoinMarketCap, the token’s price went up by nearly 7% in the last seven days. At press time, it was trading at $24.42 with a market capitalization of over $9.9 billion.

Read Solana’s [SOL] Price Prediction 2023-24

A look at SOL’s daily chart suggested that things can get better. The Chaikin Money Flow (CMF) and Money Flow Index (MFI) were both moving up, which was bullish.

Additionally, its MACD displayed the possibility of a bullish crossover, suggesting that the token’s price might rise further.