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Cryptocurrency News Articles
Despite Solana Staking Developments, SOL Is Unaffected
Sep 29, 2024 at 06:00 am
Major exchanges teased new Solana Staking features, initially boosting SOL's price. However, the excitement faded as SOL slipped.
Solana (SOL) has gained by 30% in price. At the time of writing, it was on the cusp of a two-month resistance zone around $162-$165, with short-term sentiment around the token strongly bullish too.
Solana network activity also seemed to be on the rise, a recent AMBCrypto report noted. In fact, the network activity growth appeared to be fueled primarily by the popularity of SOL-based meme coins, but it was not yet as frenzied as it got in April.
In April, the number of new addresses on the Solana network was 1.14 million and the priority fee was a third of the peak it reached in April. This suggested that the memecoin frenzy has not reached the Solana network. Q4 2024, which is widely anticipated to be bullish, could see a memecoin revival, but not all market participants would be thrilled by this development.
Solana’s network activity has been burgeoning of late, with the whale activity also encouraging long-term investors to continue holding on. The funding rate was high and the Open Interest has trended higher since mid-September, alongside the market-wide sentiment shift following a move past $60K. However, social media engagement, at press time, was slightly negative – giving mixed signals over the past ten days.
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