When will Solana’s updates finally be enough for SOL’s price action

On 29 September, Solana [SOL] managed to outperform several other cryptocurrencies owing to some appreciation in its price and market capitalization. Interestingly, the win was not only limited to its price.

Solana also managed to beat Ethereum [ETH] in NFT sales growth over the last 30 days by a noteworthy margin. In fact, SOL registered an over 100% increase in NFT sales last month, while ETH went in the opposite direction.

That’s not all either as several other positive developments took place in the SOL ecosystem, each of which may have helped SOL.

At press time, SOL was trading at $33.41 with a hike of 6% on the price charts. Furthermore, the altcoin had a market capitalization of $11,812,321,799. 

What’s going on SOL?

On 27 September, another announcement was made related to the DeFi space in the Solana ecosystem. Yield Optimizer Dappio announced the launch of its new next-generation yield optimizer for DeFi and NFTs on the Solana ecosystem.

According to the official statement, Dappio would focus on simplifying Solana and attracting great developers to its ecosystem. This could be considered as a good news for the Solana ecosystem as it adds more value to the blockchain. 

Interestingly, several on-chain metrics also corresponded with these aforementioned developments and suggested the possibility of a further hike in SOL’s price. For instance, SOL’s trading volume hiked considerably over the past week – A positive signal. 

Moreover, LunarCrush’s data revealed that SOL’s social engagement also went up over the last few days, reflecting the popularity of the token in the crypto-community. Not only this, but SOL’s NFT space also saw some massive activity as its total NFT trade volume in USD skyrocketed.

Here, it’s worth pointing out that SOL’s development activity went down considerably over the last seven days. And yet, at the time of writing, development activity seemed to be on the up again. 

Source: Santiment

SOL on a mission?

A look at SOL’s daily chart also gave hope for better days to come as several market indicators supported the possibility of a further surge in SOL’s price. The Moving Average Convergence Divergence (MACD) flashed a slight bullish crossover. Moreover, the Relative Strength Index (RSI) moved along the neutral line, indicating that the price of SOL could go either way.

Interestingly, the Bollinger Bands revealed that SOL’s price has been within a crunched zone of late, projecting a probable northbound breakout soon.

However, the 20-day Exponential Moving Average (EMA) (Green) was below the 50-day EMA (Red). This might hinder SOL’s uptrend in the coming days. 

Source: TradingView