By Alicia Maher
Solana (SOL) saw rough actions over the past few weeks as the token dealt with new crypto coins as market capitalization neighbors after TerraUSD and LUNA plummeted massively. Nevertheless, the 8th largest cryptocurrency by market value was worth $57.14, gaining more than 6% over the previous day. Nevertheless, Solana remains 20.22% down over the last seven days.
The daily gains by Solana come as the overall marketplace traded in the green on Tuesday morning. Nevertheless, bearish moves over the past sessions aw Solana losing the climbing start prestige it once had.
Solana’s Pain
Solana had its total value locked at $4.36 billion at this publication, following a 3.76% increase over the past day. Nevertheless, the token’s TVL plummeted hard from the highs of nearly $15 billion.
If the TVL crash hasn’t scared you, SOL’s development activity on stable declines since December last year. That indicates less contribution by individuals developing features and building the project. Also, these participants might be migrating. That reflects unstainable growth in the long term for the Solana project, even with the metric staying higher than in 2021 Q1 – Q3.
What for Solana’s price? While publishing this content, the token traded beneath $60, massively lower from the highs of beyond $240. What abound Indicators? Bearish or bullish? The RVI (Relative Volatility Index) indicated that Solana’s price might move either down or up due to future volatility. Moreover, if that isn’t mind-boggling enough, the AO (Awesome Oscillator) presented one green bar beneath the zero-line in this publication. For now, the market remains far from attaining stability.
Meanwhile, Messari Research compared the network’s 2022 Q1 performance following massive peaks in the 2021 final quarter. It cites detrimental network performance as an influence behind SOL’s revenue. Nevertheless, the network saw continued usage increase as revenue and market cap dropped by 43.5% and 30%, respectively. The network usage increase remained visible on transfers per second (94.8% increase), active distinctive fee payers (28.4% uptick and daily transactions (4.2% surge).
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