By Franklin Smith
September 29 session saw Solana (SOL) outperforming multiple cryptos due to some upticks in its market cap and price.
Surprisingly, the win was beyond the token’s price. Also, Solana outshined Ethereum in Non-fungible token (NFT) sales growth within the past month by a substantial margin.
Meanwhile, Solana recorded a more than 100% surge in NFT sales within the previous month, whereas Ethereum went the other way. Still, there’s more.
SOL ecosystem witnessed other optimistic developments that might have helped the alternative token. While publishing this post, SOL traded at $33.41, following a 6% hike on its price charts. Moreover, the alt’s market cap stood at $11,812,321,799.
SOL Happenings
A September 27 announcement touched on the decentralized finance (DeFi) sector of the SOL network.
Yield Optimizer Dappio declared launching its next-generation yield optimizer for NFTs and DeFi on the SOL ecosystem. That meant optimistic news for the alternative token, with the blockchain enjoying increased value.
Surprisingly, multiple on-chain metrics matched the mentioned developments, suggesting the chance of more upticks in Solana price. For example, the token’s trading volume soared substantially within the previous seven days, a positive sign.
Furthermore, LunarCrush confirmed that Solana’s social engagement metric surged within the past few days, showing the alt’s popularity within the cryptocurrency community.
Besides that, Solana’s non-fungible token sector witnessed massive activity, with overall NFT trading volume (USD) soaring.
Meanwhile, it’s noteworthy to mention that Solana’s development activity endured a considerable decline within the past week. However, this metric seemed to maintain uptrends during this publication.
SOL’s Mission?
Evaluating the daily chart also highlighted lucrative days ahead, with multiple market indicators showing the chances of more price surges in Solana.
The MACD (Moving Average Convergence Divergence) displayed a small bullish cross. Furthermore, the RSI (Relative Strength Index) moved alongside the neutral line, suggesting SOL’s price might fluctuate either way.
Surprisingly, the BB showed Solana’s price remained inside a crunched level lately, indicating potential northbound breakouts soon.
Nevertheless, the 20-day EMA stayed beneath the 50-day Exponential Moving Average. That could hinder Solana’s upside in the upcoming days.
Editorial credit: Rcc_Btn / shutterstock.com
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