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Solana [SOL] investors should know this ‘block production’ update

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Solana [SOL] investors should know this 'block production' update

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  • Solana’s price increased by more than 20% in the last 24 hours. 
  • Metrics and market indicators looked bullish, at press time.

Solana Status recently revealed an important piece of information related to Solana [SOL]. The tweet mentioned that Mainnet beta Explorer and Solana Foundation public RPC endpoints were currently offline as RPC node software was upgraded.

This was done after a bug was found in the test release. The good part was that this episode did not affect block production or the Solana network. 

Are your SOL holdings flagging green? Check the Profit Calculator

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The aforementioned incident did not seem to have a negative effect on Solana in terms of its price action, as SOL’s price increased by more than 22% in the last 24 hours.

According to CoinMarketCap, SOL registered over 48% weekly gains, and at the time of writing, it was trading at $16.34 with a market capitalization of more than $6 billion.

Solana’s performance on its metrics front also looked positive, which gave hope to the investors that SOL can soon enter the top 10 club in terms of market capitalization.

Furthermore, SOL’s Binance funding rate went up sharply, reflecting its demand in the derivatives market. Not only that, but SOL’s development activity also followed a similar route and registered an increase, which is a positive signal. In fact, positive sentiments around Solana spiked last week, which clearly showed the community’s trust in SOL. 

Source: Santiment

Interestingly, DeFiLama’s data revealed that Solana saw an increase in volume on DEXes over the past week, with a weekly change of 218%. At press time, it held an 11.89% share of the total volume on DEXs.

Moreover, Solana’s active wallets climbed threefold recently, which was good for the ecosystem.

A 52.57x hike on the cards if SOL hits Bitcoin’s market cap?

SOL bulls are not willing to relax

A look at Solana’s daily chart suggested that the bulls have not yet decided to take a rest, as most of the market indicators were in favor of the buyers.

The MACD displayed a bullish advantage in the market. SOL’s Chaikin Money Flow (CMF) also registered an uptick, which was optimistic.

The Exponential Moving Average (EMA) Ribbon revealed that the distance between the 20-day EMA and 55-day EMA was reducing, which increased the chances of a bullish crossover in the coming days.

The only point of concern was the Relative Strength Index (RSI) as it was entering the overbought zone. 

Source: TradingView


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.
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