- Solana declines slightly on Thursday, trading at $152.26.
- Builder interest on Solana blockchain has doubled in 2024, according to an a16z report.
- The number of active addresses in the Solana network has also increased sharply.
Solana (SOL) hovers around the $150 level on Thursday. Recent gains in the native token of the Solana blockchain are likely catalyzed by rising investor and developer interest.
A16z’s State of crypto report released on Wednesday, October 16 shows a spike in addresses and web3 builders’ interest in Solana.
Solana could extend gains as it draws interest from traders and builders
Crypto’s monthly active addresses shot to an all-time high of 220 million in September 2024. Of this number, Solana and rising activity on its blockchain accounted for about 100 million active addresses.
Crypto active addresses as seen in a16zcrypto report
The Builder Energy dashboard that lists developer interest in building applications on different blockchains in the crypto ecosystem tracks how lucrative Solana is to web3 builders. The report shows that the SOL blockchain saw the biggest change in the total share of builder interest, up to 11.2% in 2024, from 5.1% in 2023.
Solana witnessed several meme coin launches in 2024, this contributed to the “meme coin” cycle this year. In Q1 2024, the top-performing crypto token category was meme coins. This sector continues to attract users to the SOL blockchain and ecosystem.
Solana Price Forecast: SOL could rally 12%, test key resistance
Solana is in an upward trend as seen in the SOL/USDT daily chart. Bullish catalysts could push SOL higher to test resistance at the lower boundary of the Fair Value Gap (FVG) between $169.43 and $171.61. SOL could gain 11.44% in its rally to the resistance at $169.43. This level has not been tested since August 2, 2024.
The Moving Average Convergence Divergence (MACD), a momentum indicator, shows green histogram bars above the neutral line, meaning there is underlying positive momentum in SOL price.
SOL/USDT daily chart
A daily candlestick close under the 50-day Exponential Moving Average (EMA) at $146.35 could invalidate the bullish thesis. SOL could sweep support at $134.27, the September 19 low for SOL. Traders need to watch the MACD indicator closely. If consecutive histogram bars keep getting shorter, SOL is likely to note a reversal in its trend.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Ethereum Price Forecast: Bulls are gaining strength
Ethereum price stabilizes above $2,600 on Thursday after finding support around the 50-day EMA. Ethereum’s fees collected are increasing, signaling rising network usage. ETH staking reached an all-time high in Q3 as more holders sought to earn yield.
Crypto Today: Bitcoin dominance hits highest level since 2021, BTC and Ethereum steady while XRP gains
Bitcoin dominance climbs to 58.85% on Thursday, the highest level since April 2021. BTC and Ethereum hold steady above $67,000 and $2,600, key price levels for the top two cryptocurrencies.
Bitcoin Price Forecast: Recent rally fuels “Uptober” hopes
Bitcoin demand appears to be picking up, according to a CryptoQuant report. BTC’s performance since the fourth halving closely resembles that of the third halving, when prices increased sharply. US Bitcoin Spot ETFs recorded a third straight day of inflows on Wednesday.
XRP climbs above $0.54 as Ripple prepares for lengthy SEC lawsuit and appeals process
Ripple trades above $0.5400 on October 16, Wednesday. The Ripple Swell event announcements and Securities & Exchange Commission (SEC) vs. Ripple lawsuit’s appeal process and its timeline are the key market movers for the altcoin.
Bitcoin Weekly Forecast: Will BTC decline further?
Bitcoin’s (BTC) price fell over 6% at some point this week until Thursday, extending losses for a second consecutive week, as it faced rejection from a key resistance barrier.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.