Solana has seen its price action deteriorating over the past few months. The alternative token dropped approximately 31% since early August. Nevertheless, SOL’s Githib witnessed a new development. What should we expect from the new approach?
What’s the Next Action?
Solana’s team appears to have adopted the Move language in its development approach. The Move is Meta’s programming language, with the latter targeting to house web3 programming languages.
The update has triggered a decline in development activity. Developer interest will only surge with time as creators familiarize themselves with the Move technology.
Meanwhile, there have been more updates on Solana’s ecosystem. For example, the crypto business network Fireblocks revealed plans to support decentralized finance (DeFi) on Solana.
The SOL blockchain has seen increased hype, considering this addition to the development sector plus ever-surging collaborations. The latest LunarCrush tweet indicated that Solana ranked 2nd among top-trending searches on its network.
Still Long to Go
Though things remained impressive on sentiment and development fronts, Solana’s trading volume took a substantial hit. The metric maintained downtrends since the previous month, with some volatility emerging during mid-month sessions. Also, the circulating market capitalization deteriorated, with the metric plummeting by 25.83% since early August.
Solana’s price hasn’t been optimistic within the past few weeks. Trading sessions since August 15 saw prices going well past the support line and testing the resistance mark. While writing these lines, the Relative Strength Index (RSI) stayed beneath 50. That showed selling momentum for the alt.
Nevertheless, the Chaikin Money Flow (CMF) read 0.13, confirming cash flowing into Solana from institutional investors. While writing these lines, SOL traded at $31.31, gaining 0.38% within the past 24 hours. Also, the alternative token seems ready to test the resistance zone of $38 in the coming sessions.
Though the multiple facets favoring Solana, the Helium community has criticized the blockchain. Remember, Helium plans to migrate to Solana soon. The fans criticized Solana due to the absence of decentralization and downtimes.
Solana might benefit from the recent developer interest plus surging collaborations. Nevertheless, traders should be cautious when trading as the Helium community’s backlash could impact near-term price action.
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