Can Solana maintain its uptrend in Q4

Journalist

Posted: November 15, 2023

• SOL’s energetic addresses and transactions have dropped in comparison with the start of 2023.
• SOL was up by over 30% within the final seven days, and indicators have been principally bullish.

The 12 months 2023 has been flourishing for Solana [SOL] because it managed to extend its worth by an enormous margin. To place it into context, it has outperformed high cryptos like Bitcoin [BTC] and Ethereum [ETH] by way of worth beneficial properties over the previous few months.

Solana has even outshined Bitcoin

Solana Each day, a well-liked X (previously often known as Twitter) deal with that posts updates associated to the Solana ecosystem, lately posted a tweet highlighting how SOL has carried out because the starting of 2023.

As per the information, SOL’s worth progress seemed laudable, as its worth was up by over 366% over 2023. Whereas the quantity already seemed astonishing, issues bought even higher upon a have a look at high cryptos like BTC and ETH’s states.

Whereas SOL’s worth shot up by triple digits, ETH’s worth solely managed to go up by 70%, whereas BTC’s worth shot up by greater than 100%.

$BTC, $ETH, $SOL YTD PERFORMANCE

The efficiency speaks for itself. 336% YTD progress!#performance #solana pic.twitter.com/qFHYdHeZUP

— Solana Each day (@solana_daily) November 13, 2023

Not solely did the token’s worth enhance, but when the most recent information is to be thought-about, the blockchain’s community exercise additionally surged within the final week.

As per one other tweet from Solana Each day, the blockchain witnessed a formidable surge, gaining 130,000 energetic wallets in simply the previous seven days.

BREAKING: Solana experiences a formidable surge, gaining 130,000 energetic wallets in simply the previous 7 days. https://t.co/5G6PmSO81P

— Solana Each day (@solana_daily) November 13, 2023

Nevertheless, whereas the token’s worth surged considerably, the identical was not true for the blockchain’s community exercise.

AMBCrypto came upon that, in comparison with the start of the 12 months, Solana’s community exercise has really dropped. This was evident from Artemis’ data, which identified that each its day by day energetic addresses and day by day transactions have considerably declined over the previous few months.

Nonetheless, its captured worth has elevated as its TVL went up. Not solely that, however the blockchain’s income and charges additionally adopted the same pattern of increment.

Supply: Artemis

Solana’s worth to keep up the uptrend in This fall?

Whereas we discuss SOL’s achievements on the value entrance 12 months thus far, it’s necessary to take a look at what the approaching days may appear like.

As per CoinMarketCap, SOL was up by greater than 30% in simply the final seven days. On the time of writing, it was buying and selling at $54.52 with a market capitalization of over $23 billion.

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Solana’s Bollinger Bands revealed that its worth was in a high-volatility zone. Moreover, its MACD additionally displayed a transparent bullish benefit available in the market, rising the probabilities of a continued uptrend.

Nevertheless, the Relative Energy Index (RSI) was regarding because it was within the overbought zone. This could enhance promoting stress and lead to a drop in SOL’s worth over the weeks to comply with.

Supply: TradingView