Solana’s Remarkable Performance in 2023
Solana (SOL) has experienced a significant price surge of over 300% since the beginning of 2023. Despite this impressive growth, there has been a noticeable drop in network activity.
Decrease in SOL’s Active Addresses and Transactions
Active addresses and transactions for SOL have decreased compared to the start of the year, indicating a shift in the blockchain’s dynamics.
Recent Positive Indicators
SOL saw a remarkable surge of over 30% in the last seven days, accompanied by mostly bullish indicators.
Solana Outperforming Major Cryptocurrencies
The year 2023 has been prosperous for Solana (SOL), surpassing leading cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) in terms of price gains over the last few months.
According to Solana Daily, a prominent source for Solana ecosystem updates, SOL’s price has surged by an impressive 366% in 2023. In comparison, BTC’s value increased by over 100%, and ETH’s price gained only 70% during the same period.
Furthermore, Solana Daily reported a surge in network activity, with the blockchain gaining 130,000 active wallets in the past seven days.
However, despite the surge in SOL’s price, Solana’s network activity has seen a decline from the beginning of the year, as indicated by Artemis’ data. Both daily active addresses and daily transactions have witnessed a decrease in recent months.
Nevertheless, Solana’s Total Value Locked (TVL) has increased, along with a rise in blockchain revenue and fees.
Examining SOL’s Q4 Prospects
As of the latest data on CoinMarketCap, SOL has surged by over 30% in the last seven days, currently trading at $54.52 with a market capitalization exceeding $23 billion.
Solana’s Bollinger Bands indicate high volatility in its price, while the MACD shows a clear bullish advantage, suggesting the potential for a continued uptrend.
However, the Relative Strength Index (RSI) raises concerns as it is in the overbought zone. This may increase selling pressure and lead to a potential drop in SOL’s price in the coming weeks.