Solana's [SOL] ecosystem has grown consistently over the last few months due to the network's increasing popularity. In fact, due to this...
ecosystem has grown consistently over the last few months due to the network’s increasing popularity. In fact, due to this surge in interest, the number of transactions happening on the Solana network has grown significantly too.According to some analyses, such has been the recent dominance of the Solana network, that it has outperformed all other networks on this front.Despite the aforementioned surge in activity, however, the price of SOL declined by 3.13% over the last 7 days.
This isn’t the first time something like this has happened either. For instance – On 11 April, there was a massive surge in transactions on the Solana network. However, the price activity moved in a completely different direction and fell by 20%.SOL’s value continued to move sideways for quite sometime, before registering a reversal in its trend.
At the time of writing, the RSI for SOL had fallen to 43.91, implying that bullish momentum around SOL waned significantly. The CMF for SOL also declined to -0.03 – A sign of low capital inflows.A factor that could gravely influence the price of SOL in the future could be its popularity on social media. AMBCrypto’s analysis of Santiment’s data revealed that the social volume around SOL fell significantly over the last few days.
This indicated that the number of comments and replies on social media around Solana declined significantly. The waning popularity of SOL could affect its price movement adversely on the charts. On the contrary, SOL’s weighted sentiment recorded an uptick, implying that the conversations that have been happening around SOL were positive in nature.Himalay is a full-time journalist at AMBCrypto. A Computer Science graduate, Himalay writes about crypto with a special focus on the latest coin-based updates. He is a fan of gonzo journalism, transgressive fiction, heavy metal, and Manchester United.Subscribe to get it daily in your inbox.
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