Solana [SOL]: Is its 34.5% rally enough to fend off possible flippening with LUNA

county Luna city Santimenton Beyond UPS Waves Luna

03.04.2022 - 15:27

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ambcrypto.com:

As another week draws to a close, it’s time to look beyond the one-day surges to identify the project which saw a sustained, high-profile rally over the last seven days. Answer? Among the top 20 cryptocurrencies, the top performer was Solana [SOL], the sixth-biggest coin by market cap.

At press time, SOL was changing hands at $136.85 after rising by 1.57% in 24 hours and rallying by 34.50% in seven days. This put it ahead of even Terra [LUNA], with the latter appreciating by 28.07% over the past week.

<p lang=«en» dir=«ltr» xml:lang=«en»>Top Assets Solana (SOL) was the best performer amongst the top 10 assets by market capitalization this week, securing a 21.3% gain. Avalanche (AVAX) was the next best performer with an 11.4% return. Following closely was Terra (LUNA) which currently sits in ATH territory. pic.twitter.com/y1ebGZ81A5

— Guillermo Avilés (@guille_aviles) April 1, 2022

However, when looking at the top 100 cryptos, Waves [WAVES] recorded a weekly rally of 59.60%. Meanwhile, Zilliqa [ZIL] registered a 86.93% spike and STEPN [GMT] surged by an astronomical 224.30%.

However, coming back to the major leagues, what could be behind SOL’s rally? One possible cause might be OpenSea’s announcement that it would begin listing Solana-based NFTs from this month. That being said, we need to ask – Has SOL’s victory rally translated to greater network adoption?

Solana’s co-founders have made it clear that they have high ambitions for the network’s developer community. However, a quick look at the metrics confirmed that Solana development activity is still on its long-term downtrend.

In spite of a strong upward price surge, dev activity is a long way from its December 2021 highs.

Source: Santiment

On the question of volume, we can see