Solana [SOL] was not at its best last week when it registered a drop in value of more than 8%. While the current bearish market condition was one factor leading to this result, there were several metrics that also played a role in this recent drop.
At the time of writing, SOL was trading at $31.36 with a market cap of $11,066,237,560. However, there are a few positive developments in the community that have put SOL back in the spotlight. Could these new developments help SOL push its price up?
New on the table
Recently, KuCoin, a popular crypto exchange, announced that it has opened Solana (SOL) token deposit and withdrawal services. It is a positive development for the blockchain as it would help increase its reach and allow investors to buy the token.
— KUCOIN (@kucoincom) September 22, 2022
SOL also made it to the list of the top 10 cryptos by weekly search popularity on KuCoin, reflecting investor interest in the token.
Top 10 Coins by Weekly Search Popularity on #KuCoin (21 Sep 2022)
— KUCOIN (@kucoincom) September 21, 2022
While several stats were not in favor of the token, a few also gave hope for better days. One of the setbacks for SOL was that there was a sharp drop in token development activity. This acts, under usual conditions, as a negative indicator. However, SOL recently registered higher volume as the price rose slightly, which is a positive sign.
In addition, the token’s social volume also increased compared to last week, indicating that a larger number of investors were talking about SOL. This could therefore increase the chance of an early outbreak to the north.
On the way to better things…
SOL‘s daily chart also painted a positive picture, suggesting a breakout soon. For example, the RSI and Chaikin Money Flow (CMF) registered gains, indicating that the price of SOL may rise in the coming days. Bollinger Bands (BB) showed that the price of SOL was in a tight zone, further increasing the likelihood of a breakout to the north.
However, the 50-day Exponential Moving Average (EMA) line was above the 20-day EMA, which could limit the price of SOL in the near term.
This post Solana: Will SOL enter Q4 on green light? These reasons may convince you…
was published first on https://ambcrypto.com/solana-will-sol-enter-q4-in-the-green-light-these-reasons-may-convince-you/