Over the past 24 hours, the Solana price seems to have found its footing following yesterday’s hotter-than-expected inflation data, escaping with a 1.02% gain.
Meanwhile, a major 10.7% surge in development activity reaffirms strong long-term sentiment for Solana.
Despite a rough week, today’s growth has secured a gain for Solana since last Friday, up 0.5%. While other leading cryptocurrencies remain in the red, Solana has recovered quite quickly.
Indeed, the altcoin appears to be gaining traction, with a 13.21% surge in trading volume to $1.85 billion over the past 24 hours.
Development Activity Surges 11%: Is Solana Still the Go-To?
According to data from on-chain & social metrics firm Santiment, Solana is “gaining on the ultra-competitive competition” within the blockchain space.
The first week of October saw Solana emerge with a notable +10.7% rise in GitHub events, far surpassing its closest competitors.
Although both Arbitrum and Avalanche showcased positive growth at 5.2% each, Solana’s rise is significantly more pronounced.
Solana ecosystem development vs other blockchains. Source: Santiment.This insight solidifies Solana’s position as the preferred destination for new blockchain ideas and decentralized applications (dApps), serving as a testament to the platform’s long-term potential.
As more developers choose to build dApps, test new features, and deploy the overall functionality of the blockchain on Solana, the platform’s native token SOL stands to benefit from increased adoption.
Solana Price Forecast: Is SOL Heading for $300?
Upon closer inspection, these strong fundamentals seem to bolster technical indicators that reinforce a positive outlook for Solana long-term.
SOL/USDT 1W chart, cup & handle pattern. Source: Binance.Most significantly, the formation of a cup and handle pattern since late 2021 favors a bullish continuation of Solana’s long-term price appreciation, representing a temporary pause in a prevailing uptrend.
Currently, Solana remains bound within the channel forming the handle, consolidating before its next move under the weight of the current uncertain market sentiment.
As the crypto market wanes under geopolitical tensions and subpar U.S. economic data this month, a bullish breakout seems to have been put on hold. Weak momentum cautions a retest of its lower resistance.
Following a brief run in positive territory, the Relative Strength Index (RSI) has reassumed a bearish lean, just below the neutral line at a stable but concerning 48.
Although inflows appear to be up this week, with the Chaikin Money Flow (CMF) reading a positive 0.037, it has yet to provide a significant enough boost to alter this new downtrend.
However, it seems credible that the Solana price may find this momentum prematurely as it approaches the 50SMA, a strong support level thus far. Therefore, holding above $138 seems crucial for an early bail-out and a refocus on the pattern’s upper resistance.
Upon a breakout of this pattern, eyes will be set on new all-time highs with a price target of up to $400. With mass adoption and other fundamental catalysts stacking in its favor, the Solana price could go much higher.
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