• Thu. Apr 18th, 2024

Assessing Solana’s (SOL) Course Following Recent Drawdown

Sep 4, 2022

Solana hovers at a critical junction during this publication as the cryptocurrency market sees a U-turn in its relief process. The crypto market remained negative, with the world’s largest crypto changing hands beneath the $20K mark. Historically, altcoins tend to mimic Bitcoin’s footsteps.

SOL’s price revealed such narratives during this publication. The alternative token has seen its price sliding towards $31.08. Solana dropped around 2.66% within the past week and noted a minor decline within the last 24 hours. However, Solana saw progress in its platform in the past few days, regardless of the price declines.

Solana Show Back in the City

The ecosystem continues to grow regardless of the red signs on the charts. Meanwhile, Solana News updated about top-performing decentralized applications (dApps) within the network. Gameta dominated activity on the SOL network, with more than 95.8K users on September 3. The renowned NFT marketplace Magic Eden followed with approximately 34.09K daily users.

Also, Solana News highlighted top gainers within the Solana network within the past day. Kitty Coin Solana registered the most impressive uptick, gaining 14.8%. MIM followed with a 9.6% surge, whereas Marinade closed the top three list with an 8% surge.

Another development revealed that STEPN topped charts as far as most traded coins on Solana are concerned. The move-to-earn project had its trading volume at $94.5 million. Marinade Staked Solana ranked second, with $34.51 million in trading volume. Meanwhile, Serum followed with $15.55 million as of September 2.

That shows Solana heading in the correct direction, regardless of market conditions. The Solana Labs witnesses the blockchain’s progress, empowering record high parathions. That has attracted market attention to the crypto project. Will it retain them?

Final Thought

The Solana ecosystem sees improved activity that warrants hope for investors and users. Solana wants to build itself as a leading steady & developing model. Meanwhile, $SOL is the primary talking point. The alternative token flashes red candles in its charts. Such tendencies might repel investors. Also, the broad market remains unattractive, with most assets enduring massive lows.

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