The price of Solana , which gained momentum after the US inflation data released yesterday, increased by 5% in the last 24 hours.
Meanwhile, the 10.7% increase in development activity also confirms Solana’s long-term potential.
Solana has appreciated by 3.31% since Friday last week, despite having a tough week. While Solana recovered rapidly, other leading cryptocurrencies also recorded slight increases.
Meanwhile, Solana’s trading volume increased by 5.19% in the last 24 hours to $ 1.79 billion.
Development Activity Increased by 11
Solana’s competition in the blockchain space is increasing, according to data from on-chain and social metrics firm Santiment.
Solana outpaced its closest competitors with a 10.7 per cent increase in GitHub activity in the first week of October.
Although both Arbitrum and Avalanche showed 5.2% growth, Solana’s rise was much more pronounced.
This reinforces Solana’s position as the blockchain of choice for new blockchain ideas and decentralised applications (dApps) and demonstrates the long-term potential of the platform.
The SOL token is also expected to benefit from increased adoption. Because more and more developers choose to build dApps on the Solana network. They test new features and increase the functionality of the blockchain.
Solana Price Prediction: Will SOL See $300?
Solana’s strong fundamentals can support technical indicators that support Solana’s long-term positive outlook.
The cup handle pattern seen since late 2021 indicates that Solana will continue to experience price growth in the long terrm. And it represents a temporary pause in the uptrend.
Currently trading inside the channel forming the handle, Solana is consolidating before its next move.
Solana’s upside breakout may be on hold for now as geopolitical tensions and US economic data released this month put pressure on the crypto market. Its low momentum indicates that it may test the low resistance level.
The Relative Strength Index (RSI), which stayed in the positive zone for a short while, showed a bearish trend again and fell to 48 below the neutral line.
On the other hand, the Chaikin Money Flow (CMF) index at 0.037 could not provide enough support to change the new downtrend.
However, the Solana price approaching the 50SMA level may gain momentum. For a recovery to take place, it needs to hold above the $ 138 level and focus on the upper resistance of the pattern.
If this pattern breaks, new highs may be seen and the target price may be $ 400. Solana can reach much higher prices thanks to widespread adoption and strong fundamentals.
High Potential New Opportunities
Although Solana’s fundamentals appear solid, its effects may not be visible in the short term.
Therefore, strategic investors may consider diversifying their portfolios with meme coins with high potential and smaller market capitalisation.
One such coin is the vote-to-win project Flockerz ($FLOCK). Flockerz addresses the criticism that meme coins are overly centralised with decentralised management.
Behind every strong meme coin is a strong community. But why don’t these communities have a say in decision-making?
Flockerz’s DAO, Flocktopia, aims to correct this imbalance, and with the meme coin community already showing its support, nearly $600,000 has been raised in the pre-sale.
Thanks to the decentralised nature of the project, members of ‘The Flock’ will have a say in important issues related to the project. Such as new features, project development, token burns, marketing strategies and growth incentives.
With Flockerz’s vote-to-win system, participants will not be ignored. Participants in the voting will win FLOCK token rewards.
But the rewards are not limited to this! Investors currently have the opportunity to earn passive income with 2.956% APY.