- Solana network development activity increased, implying developers are working to improve the blockchain network.
- Social volume of the Ethereum-killer token climbed, reflecting a spike in its popularity in the crypto community.
- Daily active wallets are now three times pre-FTX exchange collapse levels, fueling a bullish outlook among SOL holders.
Solana, the Ethereum-killer altcoin, was recovering from the decline in network activity and price post the FTX exchange collapse in November 2022. The altcoin network witnessed a recovery in its network activity, bringing it up to three times that of pre-FTX collapse.
Also read: Cardano whales continue accumulation awaiting three key developments in 2023
Solana daily activity exceeds pre-FTX collapse levels
The Ethereum-killer smart contract blockchain platform witnessed an increase in its development activity. This implies developers are working to improve the blockchain network consistently after the collapse of Samuel Bankman-Fried’s FTX exchange.
Solana’s funding rate on Binance registered an uptick. Crypto funding rate is a small percentage of a position’s value that traders pay to their counterparty at regular intervals. Funding rate is positive if the perpetual contract’s price is higher than the price on the spot exchange.
Interestingly, the asset’s popularity was established with the uptick in social mentions in the first week of January 2023 based on data from crypto aggregator Lunar Crush. Tom Dunleavy, a senior research analyst at crypto-focused market intelligence provider Messari highlighted the statistic in a recent tweet. Dunleavy shared a chart to substantiate his bullish view of Solana.
Solana daily active wallets data from Messari
Solana price outlook among traders is bullish
Experts believe Solana is on track for a bullish breakout, CryptoFaibik, an analyst and technical expert, believes SOL is primed for a 14.62% rally. Solana bulls are targeting the $15.20 level, and the smart contract platform’s token is on track to break out of the falling edge in its chart.
SOL/USDT price chart
As seen in the chart above, Solana is currently in a downtrend as the asset trades between two converging trendlines. The falling wedge indicates a bullish breakout in SOL, and CryptoFaibik expects a run-up in Solana price.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Ripple Price Prediction: Whale accumulation sparks hope as rising exchange reserves signal caution
XRP sustains mid-week recovery as XRP/BTC flashes golden cross for the first time since 2017. Large volume holders increase XRP exposure, indicating rising demand and investor confidence.
Pi Network Price Forecast: PI eyes $0.66 as whale activity surges
Pi Network (PI) declines by nearly 4% on Friday, trading at $0.79 at press time. The technical outlook suggests a downward move ahead as the short-term recovery concludes with a trendline breakdown.
Bitcoin Weekly Forecast: BTC enters full price-discovery mode after seven straight weeks of gains
Bitcoin price stabilizes around $111,000 on Friday after reaching a new all-time high of $111,900 this week. Corporate accumulation, institutional demand, signs of easing regulations and fiscal woes in the US have fueled BTC’s rally.
Jupiter Price Forecast: JUP eyes $0.82 as Fluid backs Jupiter's upcoming lending protocol
Jupiter exchanges announced the upcoming launch of Jupiter Lend, powered by Fluid, on Solana this summer. With the announcement of Jupiter Lend, the JUP token surged 16% in the last 24 hours.
Bitcoin: BTC stabilizes near $103,000 amid trade optimism, rising institutional demand
Bitcoin (BTC) price stabilizes at around $103,000 when writing on Friday, after facing multiple rejections at the key $105,000 resistance level throughout the week.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.