- Solana started the new year well after the last year ended in turbulent circumstances
- The rally may not extend due to indicators from the technical side
Ending 2022 on a heartbreaking note may not be the best Solana [SOL] But the superstar start to the new year may have filled the slump. This was because SOL increased by 18.08% over the past 24 hours.
Although some angles called it the end of the blockchain recently, the increase in value could be a lifeline for cryptocurrency holders.
Read Solanas [SOL] predict the price 2023-2024
According to CoinMarketCap, SOL wasn’t the only one participating in the sudden surge. Its 24-hour trading volume followed, recording an increase of 274.74%. This means a significant increase in transactions using the Solana network.
Increased engagement is evidenced by Step Data Insights. Based on data from the wallet dashboard platform, Solana increased per active addresses. ribbed [MATIC]And the Ethereum [ETH]And the Cardano [ADA] He also hopped on the same train.
Large active addresses
On January 1, 2023, Solana saw an increase in active addresses while Ethereum, Polygon, Cardano, and other blockchains saw a slowdown.
This movement is associated with the last transition one dollarThe punk craze and the NFT boom. pic.twitter.com/jwDf651M80
– Step Data Insights (StepDataInsight) January 2, 2023
How long before the downside?
Before recovering above $11, SOL traded as low as $8 on December 29, 2022. Ethereum co-founder Vitalik Buterin encourage Community to give Solana a chance.
However, the blockchain continued to emerge The largest number of transactions. A price increase may mean SOL is down but how long can it keep the green?
The details from the daily chart showed that SOL has improved according to the Relative Strength Index (RSI). At the time of publication, the RSI is in oversold territory. It rose to 48.49, and indicated that SOL had built up an impressive buying momentum.
However, there was a possibility that the SOL rally could end up being a malaise, as per signals from the exponential moving average (EMA). At the time of publication, the 20 EMA (blue) is below the 50 EMA (green). This trend is in favor of the bears. Therefore, SOL may not last long before a downside occurs.
Source: TradingView
The deal is back
Despite the challenges it has faced, there are still a few projects left Choose hosting Their wallets are on the Solana Blockchain. For Nick Garfield, founder of Clockwork, the smart contract automation engine, Solana wallets were still before long by others. tweet,
“Solana’s portfolios are 10 times better than anywhere else, and teams are innovating significantly faster.”
how many You can get SOLs for as little as $1?
However, the data is on the chain show up that Solana’s market value may still struggle to outpace those who have surpassed it. At the time of writing, Santiment data showed the market capitalization at $4.35 billion, up from the decline on the last day of 2022.
Source: feeling
On other fronts, SOL’s social dominance increased to 4.496%. An explanation of this procedure indicated an increased debate about access.
Meanwhile, comments from the Solana community reveal that they are not willing to give up regardless of the difficulties. Popular Solana supporters believe that 2023 will be a good year for a disruptive blockchain.
It looks like 2023 is going to be an absolute nail-biter
So much pain in 2022, but a society that still feels more determined and closed off than ever
Solana’s community was created in the flames of Max Pain
– Solana Legend 🎒 (@SolanaLegend) January 3, 2023