Solana offers positive news to its crypto-holders and investors, as it seeks to recover from the disappointing results last month.
- Solana currently experiences supply inflation
- SOL reached 2ndAXL is next in 7-day trendsing searches
- Over the past 30 days, crypto has fallen 6.3%
Recent announcements made it clear that the Tulip Protocol with WalletConnect has been successfully integrated to Solana’s network.
Tulip Protocol (a decentralized app) is an efficiency yield aggregator. It takes advantage the Solana Blockchain’s low cost, highly efficient Solana technology that allows stakers to get higher APYs without having to manage them.
On October 8, Solana was ranked seco above all other cryptocurrencies for trending searches over a period of seven days.ndBehind AXL.
Topping the list of recent developments for the SOL network is the development of Firedancer – a validator client that’s supposed to prevent any future outage.
Solana Unable To Capitalize
Despite all the positive developments that surround Solana’s crypto, it still struggles to get out of its slump.
The 9ThAccording to Tracking from, the largest cryptocurrency in terms of market capitalization currently changes hands at $32.52 but is down 6.3% over last month. Coingecko.
On a one-year basis, the asset’s price has dropped by 79.3%. Solana was outperformed in the past year by 70% among the 100 top crypto assets.
The last 30 days haven’t been friendly for the crypto either, as it only managed to stay “in green” for 12 days. It’s currently at 87% of its record high of $259.52 set on November 6, 2021. This is well below the threshold of supply inflation.
SOL performed better than most digital assets it was competing in trending searches. However, SOL is still in a bearish place and is struggling to keep up with other crypto-space players.
Significance of Bearishness from Metrics
If only its trending position could rescue Solana, the asset won’t be in this precarious position that is moving towards another significant decline.
Its daily chart was full of bad news as its Chaikin Money Flow (CMF) showed a dip below the crucial neutral position – an indication of a bearish momentum.
TradingView
Taking into consideration all the activity of Solana’s charts, it was concluded by analysts that the asset could be looking at a resistance marker of $34.14.
That could mean that in the next coming days, even if the crypto improves in terms of trading price, it won’t hit above $34.14.
That’s assuming SOL will make an upward movement which won’t happen anytime soon as the asset is predicted to decline in the next five days and settle with trading price of $31.22.
Solana is likely to lose $21.39 in November, which is also bad news for the company.
Featured image from Crypto News, Chart: TradingView.com| Featured image from Crypto News, Chart: TradingView.com