Solana’s price has not been having the best of months, with the altcoin’s price going down by 31% since August. However, there has been one new development on its Github.
What’s the next move?
Solana’s team seems to have incorporated the Move language into its development strategy. Move is a programming language created by Meta, with the same aiming to be the go-to programming language for developers in Web3.
This update has contributed to declining development activity to plateau. In fact, now, it is quite likely that developer interest will only increase with time as devs get used to Move’s technology.
Source: Santiment
Alas, that’s not all, as there have been other updates as well. For instance, the digital asset business platform Fireblocks has announced that it will now be supporting DeFi on Solana.
With new additions on the development side and ever increasing collaborations, the hype for Solana has been building up. In a recent tweet, LunarCrush even revealed that Solana was ranked second among the top most trending searches on its platform.
Here are the current top 10 current trending searches? on https://t.co/S43WsoNWnn
1️⃣ $ada
2️⃣ $sol
3️⃣ $xrp
4️⃣ $xlm
5️⃣ $ltc
6️⃣ $bnb
7️⃣ $trx
8️⃣ $zil
9️⃣ $bbs
? $ethhttps://t.co/ENc1aYkAgg pic.twitter.com/rfELXk1ccn— LunarCrush (@LunarCrush) September 3, 2022
Still a long way to go
Although things have been looking good in terms of development and sentiment, the trading volume of Solana has taken a significant hit. Since last month, the volume has been on a decline, with some volatility seen in the middle of the month. Furthermore, the circulating market cap has taken a hit too, with SOL’s market cap falling by 25.83% since the beginning of August.
Source: Messari
Solana’s price has not been positive over the last couple of weeks. Since 15 August, the price has gone way past its support line and has tested the resistance as well. The RSI, at press time, was slightly below 50, showing that there seemed to be slight momentum with the sellers. However, the CMF flashed figures of 0.13, indicating that money from institutions could be flowing in Solana’s favor.
At the time of writing, SOL was trading at $31.31 following a 0.38% hike in 24 hours. Also, there seemed to be the possibility that Solana might be able to test the $38 resistance in the future.
Source: SOL/USD, TradingView
Even though there are a lot of elements that are in Solana’s favor, Solana has received some flak from the Helium community, as Solana is poised to be the next home for Helium. The community has criticized Solana on the basis of their downtimes and lack of decentralization.
Solana could profit off of the current developer interest and their ever increasing collaborations. However, traders are advised to be cautious before entering into a trade as the backlash from the Helium community might affect the price in the short term.
