The launch of the Tensor (TNSR) NFT Marketplace has been sensational, with the platform now boasting 60-70% of Solana’s daily NFT transactions. However, as Tensor crypto processes $2Bn in initial sales, how is TNSR price analysis shaping up?
The launch of Tensor has made it clear that NFTs are not dead, and they can still be extremely profitable.
Since its launch in July 2022, the Tensor NFT marketplace has quickly ascended to the top of Solana’s ecosystem.
Boasting 60-70% of Solana’s daily NFT transactions, Tensor Crypto has processed $2Bn in sales, claiming 70% of the network’s NFT volume over the last three months. Despite that, Tensor’s token launch this week is plummeting straight into the earth’s crust.
(TNSRUSDT)
As price action tests the bottom of the trading channel, Tensor is currently trading at a market price of $1.58 (representing 24 hour change of -13.5%).
This comes as TNSR token’s initial trading volume of $1.16 billion falls by -27.85%, leaving the project at a current market cap of $200m.
With support from big names like the co-founder of Solana and Solana Ventures, Tensor is not short on credibility. But is it a good long-term hold?
Tensor Crypto: Should Sell Your TNSR Airdrop Bags?
Digging into the project’s tokenomics, the total supply of TNSR is 1 billion, and the initial tokenomics of the TNSR distribution includes:
- 550 million (55%) TNSR will be allocated to the community, of which 12.5% will be the initial airdrop;
- 270 million (27%) TNSR allocated to core contributors;
- 90 million (9%) TNSR allocated to investors and advisors;
- 90 million (9%) TNSR for future fundraising and development reserves.
While the technical structure is still forming, a downtrend has been noted over the past two-days, as price action fails to break above key resistance around the $2.25 mark – a crucial level for upside targets.
The expected consolidation range is between $2.05 and $1.60-$1.75. Breaking past the $2.05 resistance could signal a buying opportunity, with potential targets at $2.45 and $2.65.
Tensor’s airdrop on April 8 gave the token a jaw-dropping 739.86% price surge within the first 24 hours, so ongoing consolidation could be seen as price action in retracement from a seismic launch – a potentially alluring entry.
The Bottom Line: What’s the Verdict on Tensor Crypto?
Tensor offers a seamless, quick, and professional trading experience. It’s become the best place to launch NFTs on Solana, with Magic Eden as its only competition.
Users also enjoy low fees, decentralized governance, and royalty-free sales, and thanks to initiatives like the Tensor Super Fan program, Tensor already has a vibrant community that is actively shaping the platform.
So, should you be rushing to sell your Tensor bags?
After assessing TNSR price analysis, 99Bitcoin analysts suggest not – the platform’s impressive performance, coupled with a strong growing community suggests that Tensor is more than just a flash in the pan, with TNSR price expected to increase throughout 2024.
EXPLORE: $5 Billion Worth Of Bitcoin Shorts Will Be Liquidated If BTC Rockets Above $75,000
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
Credit: Source link