Solana Daily, a popular Twitter handle, Solana [SOL] Ecosystem, Solana’s latest weekly report recently uploaded. This report covers all major network developments over the past week, including the integration of Solana with Google Cloud and the launch of Solana Mobile.
Solana Ecosystem Update (Week 44)
— Solana Daily (@solana_daily) November 7, 2022
Click here for AMBCrypto Solana price prediction [SOL] 2023-24
These developments added a lot of value to the Solana network, but last week could be seen as disastrous. Sols performance from a price action perspective. According to CoinMarketCap, the coin posted negative returns of over 20% weekly.
At the time of writing, SOL is transaction At $26.05, it has a market cap of over $9.4 billion.Another piece of bad news came to SOL when it lost its place on the list of top 10 cryptos in terms of market capitalization. polygon [MATIC] turned it over.
All these red flags made SOL a hot topic in the cryptocurrency community. This is evident from CoinGecko’s data. Sol It was on the list of trending cryptocurrencies on CoinGecko on November 7th.
— 🇺🇦 CryptoDep #StandWithUkraine 🇺🇦 (@Crypto_Dep) November 7, 2022
Dark days of SOL
Despite the aforementioned updates, SOL development activity has moved south. SolOn the other hand, the volume of , recorded a sharp rise, and the price fell. This was a negative signal justifying a downtrend.
The coin also failed to gain interest from the derivatives market as Binance’s funding rate dropped significantly. The cryptocurrency community also had no confidence in him for SOL.
But for price cuts
Sol‘s daily chart reveals that investors have much to worry about as further price declines may be imminent in the next few days. The 20-day EMA has broken below the 55-day EMA, indicating that the gap between them has widened. This is a bearish signal.
In addition, the Money Flow Index (MFI) recorded a downtick, signaling a drop in prices. The Bollinger Bands (BB) show that SOL price is in a high volatility zone, further increasing the likelihood of a price plunge. Incidentally, the Chaikin Money Flow (CMF), which was well below the neutral mark, has registered a slight rally and may give investors hope.