On 29 September, Solana [SOL] managed to outperform several other cryptocurrencies owing to some appreciation in its price and market capitalization. Interestingly, the win was not only limited to its price. Solana also managed to beat Ethereum [ETH] in NFT sales growth over the last 30 days by a noteworthy margin. In fact, SOL registered […]
Interestingly, several on-chain metrics also corresponded with these aforementioned developments and suggested the possibility of a further hike in SOL’s price. For instance, SOL’s trading volume hiked considerably over the past week – A positive signal.revealed that SOL’s social engagement also went up over the last few days, reflecting the popularity of the token in the crypto-community.
Here, it’s worth pointing out that SOL’s development activity went down considerably over the last seven days. And yet, at the time of writing, development activity seemed to be on the up again.A look at SOL’s daily chart also gave hope for better days to come as several market indicators supported the possibility of a further surge in SOL’s price. The Moving Average Convergence Divergence flashed a slight bullish crossover.
Interestingly, the Bollinger Bands revealed that SOL’s price has been within a crunched zone of late, projecting a probable northbound breakout soon. However, the 20-day Exponential Moving Average was below the 50-day EMA . This might hinder SOL’s uptrend in the coming days.Subscribe to get it daily in your inbox.
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