However the query is- With the brand new Helium network announcement, may SOL see a bullish run sooner or later?
Solely time will inform
Solana has been within the information for fairly a while, however not at all times for one of the best causes. Over the previous few months, Solana has been massively criticized for its downtime. It has additionally obtained a big quantity of bad-mouthing by the crypto group.
Nonetheless, it has currently elevated its collaborations with quite a few contributors within the Web3 sector. With the announcement of integrations with the Xdefi pockets and Belief pockets, issues could prove in a different way.
There’s a chance that Solana is again on monitor to enhance its repute and regain the belief of the crypto group.
The vote of confidence from Helium’s network has additionally labored in Solana’s favor. Helium community’s group believes that with the assistance of Solana’s large ecosystem of builders, functions, and integration groups, Helium will have the ability to scale even additional.
As a consequence of these newest updates, there was a surge in Solana’s social media presence. Solana’s social media engagement has gone up by 7.21% in the final week.
All is nicely that ends nicely, however…
Talking of positives, Solana’s circulating market cap has gone up by 6.99% previously seven days. Moreover, a spike in its growth exercise was additionally witnessed.
The variety of contributions made by builders has seen a dramatic rise. This might point out that the group at Solana has been engaged on new updates and options previously few days.
Hassle in paradise
Nonetheless, there have been some areas of concern for traders as nicely. As seen in Messari’s graph under, Solana’s quantity over the previous month has been extremely unstable. Moreover, the determine has decreased by 74.01% within the final 30 days.
One other alarming issue is Solana’s declining market cap dominance which has dropped drastically by 88.53% previously week.
Nonetheless, SOL’s worth informed a unique story. At press time, the alt was buying and selling at $34.58 and gained 3.8% within the final 24 hours.
The Relative Power Index (RSI) stood on the 50 mark. The Superior Oscillator (AO) though under the zero line stood within the inexperienced and confirmed indicators of leaping to the upside.
Regardless of vital elements working in favor of SOL, merchants should train warning because of the worth volatility issue.
Different occasions resembling Algorand’s founder’s criticism of Solana may additionally affect Solana’s worth. Readers are suggested to do their analysis completely earlier than getting into right into a commerce.