Altcoin

Solana’s rally continues, but how does network health hold up?

Solana remains one of the top blockchains in terms of validator count. The network has also managed to register 100% runtime since February 2023.

Published

1 year ago

on

  • The Solana network consisted of nearly 2,800 globally distributed nodes.
  • SOL was up by over 20% last week, but indicators turned bearish. 

Solana [SOL] recently published the latest edition of its Validator Health Report, which highlighted the state of its network activity. As per the report, Solana’s validator network has continued to grow over the past months. 

Realistic or not, here’s SOL’s market cap in BTC’s terms  

Decoding Solana’s validator health report

Solana remains one of the largest proof-of-stake networks by node count. Notably, it consists of nearly 2,800 globally distributed consensus and RPC nodes.

As per the report, there has been massive progress in Solana’s evolution as a multi-client network, with over 31% of the stake running through the Jito Labs client. The blockchain is also well distributed geographically, with no one country having 33.3% or more of an active stake.

It was interesting to note that in March, total consensus nodes dropped from 2200 to 1700, which was mainly due to the large amount of stake re-delegated away from the nodes.

Source: Solana

Furthermore, the report also highlighted how the network has improved in the recent past. Over the last few years, Solana became notorious for its downtimes. However, things have changed in the recent past, as since February 2023, the blockchain has a registered 100% runtime.

Solana’s investors are rejoicing

While the blockchain’s health improved, its native token also displayed a show worth watching. According to CoinMarketCap, SOL was up by more than 20% in the last 24 hours. At the time of writing, it was trading at $23.30 with a market capitalization of over $9.6 billion.

Thanks to this, SOL’s social engagement surged by over 65% last week. Its sentiment chart also followed a similar trend, as it grew by 80%. Additionally, its AltRank improved considerably.

Source: LunarCrush

Read Solana’s [SOL] Price Prediction

2023-24

Though the aforementioned metrics looked optimistic, a look at SOL’s daily chart painted a different picture. Its Relative Strength Index (RSI) was hovering near the overbought zone, which could increase selling pressure in the coming days. 

Solana’s Chaikin Money Flow (CMF) registered a downtick and was resting near the neutral mark as well, indicating increased chances of a price correction. Nonetheless, the MACD remained in the bulls’ favor.

Source: TradingView

Take a Survey: Chance to Win $500 USDT