Solana [SOL] wasn’t at its greatest final week because it registered a greater than 8% decline in its worth. Although the present bearish market situation was an element that led to this outcome, there have been a number of metrics that additionally performed a job on this current decline.
On the time of writing, SOL was buying and selling at $31.36 with a market capitalization of $11,066,237,560. Nonetheless, there have been a number of optimistic developments in the neighborhood which have introduced SOL again into the limelight once more. Can these new developments assist SOL to push its worth upward?
New on the desk
Lately, KuCoin, a preferred crypto change, introduced that it opened mainnet Solana (SOL) token deposit and withdrawal companies. It’s a optimistic improvement for the blockchain as it will assist improve its attain and permit buyers to purchase the token.
#KuCoin Opens Mainnet #Solana $SOL Tokens Deposit and Withdrawal Providers
— KUCOIN (@kucoincom) September 22, 2022
SOL additionally made it to the listing of the highest 10 cryptos by weekly search recognition on KuCoin, which displays the curiosity of buyers within the token.
Prime 10 Cash by Weekly Search Reputation on #KuCoin (Sep 21, 2022)
🔥 $ETH
🔥 $LUNC
🔥 $ETC
🔥 $RVN
🔥 $BTC
🔥 $SHIB
🔥 $XRP
🔥 $CAKE
🔥 $ERG
🔥 $SOL#KuCoinTrendingCoins pic.twitter.com/95fa0ftY7Y— KUCOIN (@kucoincom) September 21, 2022
Whereas a number of metrics weren’t in favor of the token, a number of additionally gave hope for higher days. One of many setbacks for SOL was that there was a pointy decline within the token’s improvement exercise. This, on standard phrases, acts as a detrimental indicator. Nonetheless, SOL not too long ago registered increased quantity as its worth rose barely, which is a optimistic sign.
Supply: Santiment
Furthermore, the token’s social quantity additionally elevated as in comparison with final week, indicating {that a} increased variety of buyers have been speaking about SOL. This will thus, improve the probabilities of a northbound breakout quickly.
Shifting on to raised pursuits…
SOL’s day by day chart additionally painted a optimistic image, suggesting a breakout quickly. As an illustration, the RSI and Chaikin Cash Move (CMF) registered upticks, indicating that SOL’s worth can go up within the coming days. Bollinger Bands (BB) confirmed that SOL’s worth was in a crunched zone, additional rising the probabilities of a northbound breakout.
Nonetheless, the 50-day Exponential Shifting Common (EMA) line was above the 20-day EMA, which could prohibit SOL’s worth from going up within the short-term.
Supply: TradingView