Solana Price Prediction as Developer Activity Hits New High – A Bullish Signal for SOL?
The Solana price has dropped by 3% in the past 24 hours, slipping to $97.37 on a day when the wider crypto market has fallen by 0.5%.
SOL has now fallen by 10% in a week and by 14% in the past fortnight, yet the altcoin remains up by an impressive 41% in the last 30 days and by 500% in the past year.
Such figures come as a recent post from Solana has shown that development activity on its network reached an all-time high in 2023, highlighting the strong growth its ecosystem is enjoying.
And with the market expecting a Bitcoin ETF-related rally to arrive in the very near future, SOL could begin rising strongly again very soon.
Solana is currently in a mixed position, in that it could just as easily rise or fall again from here on out, judging by its indicators.
Its relative strength index (purple) has stalled around 50, after rising slightly over the previous couple of days.
Despite its struggles to regain momentum in the shorter term, SOL’s 30-day average (yellow) continues to rise beyond its 200-day average (blue).
In other words, SOL still remains within an expansionary phase, and may return to growth once its current dip has played out.
That SOL is still in a bullish period is highlighted by its 24-hour trading volume, which remains relatively high at $3 billion, compared to only $300 million back in October.
This show sustained interest in Solana, while it’s also encouraging that the coin’s support level (green) has risen consistently in recent months, implying that any falls are likely to be slight.
And as noted above, there are plenty of fundamental reasons as to why the Solana price is likely to continue rising in the medium- and long-term, with development activity on Solana reaching new heights last year.
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