Solana Blockchain On Fire, Registers 11% Growth In Just One Week
10 Oktober 2024 - 4:00PM
NEWSBTC
Solana is once again in the headlines, this time for having a major
surge in development activity, keeping it ahead of its competition
with Arbitrum and Avalanche. Related Reading: $6 Million ETH Sale:
Ethereum Foundation Joins Whale Liquidation Frenzy According to
Santiment, the development activity regarding Solana has increased
by 10.7% just within the last week, and the signal is clear that
developers and projects alike are interested in this space. 🧑💻
Looking at full crypto ecosystem development activity provides nice
long-term roadmaps as to which are innovating and gaining on the
ultra-competitive competition that this sector provides. As of the
first week of October, Solana’s has continued to emerge with a
+10.7% rise… pic.twitter.com/Y5hOxJpHJl — Santiment
(@santimentfeed) October 7, 2024 Meanwhile, based on the recent
Solana price estimate by CoinCodex, the cryptocurrency might
experience a potential increase of 14% by November 9, 2024, and hit
the $159 level. Despite the fact that this is a bullish view, the
technical numbers suggest that the market is now experiencing a
negative vibe. Investors are experiencing a level of worry that is
39 on the Fear and Greed Index. Although both Arbitrum and
Avalanche showcased some positive growth, as well—both 5.2%
growth—Solana’s is more significant, which would easily place it
ahead of its peers in terms of developers’ involvement and any
further growth of the platform anytime soon. Solana’s growing
network activity spells that this is now the preferred destination
for new blockchain ideas and decentralized applications programs
(dApps). Solana: Surge In Development Activity More developers are
choosing to build dApps, test new features, and deploy the overall
functionality of the blockchain on Solana. Now, that’s not only
interest but investment in the long-term potential of the platform.
Even without the introduction of new projects in this space,
Solana’s ecosystem is already a stand-out through its scalability
and speed. New projects on these lines could bring even more
promising advancements. Whether it is transaction speeds or the
development of DeFi tools, growth in activity usually presents
large-scale improvements that are soon going to hit the blockchain
platforms. Competition With Arbitrum And Avalanche Things are
getting close to the knifing stage as Blockchain platforms continue
to fight for dominance. Arbitrum and Avalanche also continued their
steady growth rates but, of course, Solana outperforms in this last
week and marks its potential as a leader in the near future.
Related Reading: Could XRP Finally Hit $1? Key Factors To Consider,
According To Analysts Regarding investments, things are rather more
complicated. Recently, Solana’s price charts displayed a so-called
“3 White Soldiers” pattern—a traditional signal of a bearish to a
bullish trend reversal. Given macroeconomic elements like monetary
policy and the influence of elections on the broader market, this
could indicate an upward movement in the near future. But even when
it reaches the level of the positive development and charts,
technical indicators are still sounding a cautious note. The Fear
& Greed Index, for example, is still at 39, which suggests that
investors are still jittery about the market. Solana’s performance
in the last month was rather mixed, with only 14 out of 30 days
showing positive gains. Even though the CoinCodex prediction might
turn north, the 5.62% volatility depicts that this market is really
unpredictable and investors must consider these factors before a
premature investment. So far, there’s great momentum for the
development of Solana but what this could become in terms of
sustained price increases is yet to be known. Featured image from
DL News, chart from TradingView
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