Solana’s price hasn’t had the best of months, with the altcoin’s price dropping 31% since August. However, there has been a new development on his GithubGenericName.
What is the next step ?
The Solana team seems to have integrated the Move language into its development strategy. Move is a programming language created by Meta, with the same goal of being the go-to programming language for Web3 developers.
This update helped bring development activities down to a plateau. In fact, now it’s highly likely that developer interest will only increase over time as developers get used to Move’s technology.
Alas, that’s not all, as there have been other updates as well. For example, digital asset trading platform Fireblocks has announcement that it will now support DeFi on Solana.
With new additions on the development side and ever-growing collaborations, the hype for Solana has been building. In a recent Tweeter, LunarCrush even revealed that Solana was ranked second among the most trending searches on its platform.
Here are the top 10 most trending current searches🔍 on https://t.co/S43WsoNWnn
— LunarCrush (@LunarCrush) September 3, 2022
Still a long way to go
Although things are looking good in terms of development and sentiment, Solana’s trading volume has taken a hit. Since last month, volume has been declining, with some volatility seen mid-month. In addition, the outstanding market capitalization has also been affected, with SOL’s market capitalization having fallen by 25.83% since the beginning of August.
Solana’s price has not been positive for the past two weeks. Since August 15, the price has largely broken above its support line and also tested resistance. The RSI, at press time, was slightly below 50, showing that there seemed to be some momentum with the sellers. However, the CMF posted figures of 0.13, indicating that institutional money could be flowing in favor of Solana.
At the time of writing, SOL was trading at $31.31 after rising 0.38% in 24 hours. Additionally, there seemed to be a possibility that Solana could test the $38 resistance in the future.
Even though there are many elements in favor of Solana, Solana received some flack of the Helium community, as Solana is about to be the next home for Helium. The community criticized Solana based on its downtime and lack of decentralization.
Solana could take advantage of the current developer interest and ever-growing collaborations. However, traders are advised to be cautious before entering a trade as the backlash from the Helium community could affect the price in the short term.