Solana could mark its exit from the bear market given SOL’s shift in…
- SOL was down by more than 4% over the last seven days.
- Solana’s NFT ecosystem, however, flourished last week.
A few months ago, Solana [SOL] witnessed a surge in its price, allowing it to increase its market capitalization by a huge margin. The bearish market caused a halt in Solana’s growth trajectory. However, the latest data from LunarCrush pointed out a bullish metric for SOL, which suggested an uptick in its price soon.
Read Solana’s [SOL] Price Prediction 2023-24
This can be expected from Solana
According to CoinMarketCap, Solana was down by more than 4% in the last seven days. The price decline was accompanied by a 50% increase in trading volume, which could be taken as a typical bearish signal. At the time of writing, SOL was trading at $20.27 with a market capitalization of over $8 billion, making it the ninth-largest crypto.
Though the price action was bearish, the latest data revealed a bullish development that can change the situation. As per LunarCrush’s data, SOL ranked second on the list of cryptos with the highest Galaxy Score.
A high score generally means that the possibility of a price uptick is high. A look at Solana’s daily chart gave a better understanding of whether the token’s price could move up.
TOP 15 coins by @LunarCRUSH Galaxy Score
Galaxy Score is a proprietary score that is constantly measuring crypto against itself with respect to the community metrics pulled in from across the web$VRA $SOL $TRX $SFM #BTC $BTC $RNDR $XRP $THETA $FTT $FET $UNI $NULS $ICP $MATIC… pic.twitter.com/3A1Gy3DEsZ
— ?? CryptoDiffer – StandWithUkraine ?? (@CryptoDiffer) August 27, 2023
As per Bollinger Bands, SOL’s price was in a slightly volatile zone. Its Relative Strength Index (RSI) and Money Flow Index (MFI) were near the oversold zone, which looked bullish. However, the Chaikin Money Flow (CMF) remained bearish as it registered a downtick.
Solana’s performance on the social front remained optimistic. As per LunarCrush, the token’s social engagement shot up by nearly 40% last week. Additionally, its bullish sentiment increased by 10% while bearish sentiment around SOL declined by more than 20%, which was promising.
Solana excelled in these areas
While the price action was bearish, Solana’s network stats looked encouraging. For instance, the blockchain’s fees and revenue registered an uptick in July and, since then, have remained relatively stable. The blockchain’s Total Value Locked (TVL) also followed a similar growth trend over the last few weeks.
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On top of that, Solana’s NFT ecosystem also witnessed growth in the recent past. As reported earlier, Solana’s NFT space has experienced a surge in activity over the past few days, as recent data indicates.
Even at press time, the blockchain’s performance in the NFT space remained at par, which was evident from the rise in its total number of NFT trade counts.