Connect with us
Active Currencies 14543
Market Cap $2,684,664,727,199.18
Bitcoin Share 49.68%
24h Market Cap Change $0.05

Solana proposes new Move to silence critic-fueled FUD

2min Read

Share this article

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.

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.


Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.