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Solana’s price turned negative on the March monthly timeframe and SOL/USD is currently at $20.88, down 3% over the past 30 days. Notably, Solana’s price remains down 80% this year, down about 91% from its all-time high of $260 reached in November 2021.
However, the cryptocurrency is set to achieve its highest quarterly earnings in almost two years. Monthly SOL returns are well over 100%.
Messari, a crypto market intelligence firm, recently highlighted Solanas growth amid widespread FUD, pointing out that trying to compare blockchain to some L2 from a TVL perspective misses the point.
“Comparing Solana’s TVL to other emerging chains doesn’t tell the whole story. Usage is driven by key non-TVL use cases such as derivatives, NFTs and DePIN networks. If Solana decides to enable incentives, we’ll quickly see volume parity with the top L2s.Messari researchers I have written.
3/ Compare @solanaTVL’s other upstart chains haven’t told the full story.
Usage is driven by key non-TVL use cases such as derivatives, NFTs and DePIN networks.
If Solana decides to enable incentives, we’ll quickly see volume parity with the top L2s. pic.twitter.com/uwkxuEdZk8
Messari (@MessariCrypto) March 22, 2023
According to Messari, Solana’s developers are focused on simplifying the deployment of innovative DeFi strategies, automating on-chain instructions, deploying Web3 native websites, and more. Shifting to these efforts could be key to the Solana ecosystem, and is very likely to see increased adoption.
TradingView data show The 3-month candlestick for SOL/USD is currently set at +110%. This is the best quarterly return since Solana’s price rose nearly 300% in Q2 2021.
Looking at the monthly chart, Solana’s return was highest in January, closing the month at $23.93, making a profit of 140% in 30 days. The next time SOL/USD rose further on the monthly timeframe was in August 2021, when the price surged 195%.
Solana price on the 3-month chart. sauce: TradingView
February and March were less profitable for the bulls, with prices falling 9% in the second month of 2023. Looking at SOL’s weekly chart, his weekly RSI has fallen below the 50 line, suggesting a slight advantage for sellers as price faces a difficult challenge. towards $40.
On the downside, a break below $20 could lead to a drop to $16.
