Solana Blockchain On Fire, Registers 11% Growth In Just One Week

Christian Encila

8 months ago

3 mins read

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Solana is once again in the headlines, this time for having a major surge in development activity, keeping it ahead of its competition with Arbitrum and Avalanche.

According to Santiment, the development activity regarding Solana has increased by 10.7% just within the last week, and the signal is clear that developers and projects alike are interested in this space.

🧑‍💻 Looking at full crypto ecosystem development activity provides nice long-term roadmaps as to which are innovating and gaining on the ultra-competitive competition that this sector provides.

As of the first week of October, Solana’s has continued to emerge with a +10.7% rise… pic.twitter.com/Y5hOxJpHJl

— Santiment (@santimentfeed) October 7, 2024

Meanwhile, based on the recent Solana price estimate by CoinCodex, the cryptocurrency might experience a potential increase of 14% by November 9, 2024, and hit the $159 level. Despite the fact that this is a bullish view, the technical numbers suggest that the market is now experiencing a negative vibe. Investors are experiencing a level of worry that is 39 on the Fear and Greed Index.

Although both Arbitrum and Avalanche showcased some positive growth, as well—both 5.2% growth—Solana’s is more significant, which would easily place it ahead of its peers in terms of developers’ involvement and any further growth of the platform anytime soon. Solana’s growing network activity spells that this is now the preferred destination for new blockchain ideas and decentralized applications programs (dApps).

Solana: Surge In Development Activity

More developers are choosing to build dApps, test new features, and deploy the overall functionality of the blockchain on Solana. Now, that’s not only interest but investment in the long-term potential of the platform.

Even without the introduction of new projects in this space, Solana’s ecosystem is already a stand-out through its scalability and speed. New projects on these lines could bring even more promising advancements.

Whether it is transaction speeds or the development of DeFi tools, growth in activity usually presents large-scale improvements that are soon going to hit the blockchain platforms.

Solana is currently trading at $139.9. Chart: TradingView

Competition With Arbitrum And Avalanche

Things are getting close to the knifing stage as Blockchain platforms continue to fight for dominance. Arbitrum and Avalanche also continued their steady growth rates but, of course, Solana outperforms in this last week and marks its potential as a leader in the near future.

Regarding investments, things are rather more complicated. Recently, Solana’s price charts displayed a so-called “3 White Soldiers” pattern—a traditional signal of a bearish to a bullish trend reversal. Given macroeconomic elements like monetary policy and the influence of elections on the broader market, this could indicate an upward movement in the near future.

But even when it reaches the level of the positive development and charts, technical indicators are still sounding a cautious note. The Fear & Greed Index, for example, is still at 39, which suggests that investors are still jittery about the market. Solana’s performance in the last month was rather mixed, with only 14 out of 30 days showing positive gains.

Even though the CoinCodex prediction might turn north, the 5.62% volatility depicts that this market is really unpredictable and investors must consider these factors before a premature investment. So far, there’s great momentum for the development of Solana but what this could become in terms of sustained price increases is yet to be known.

Featured image from DL News, chart from TradingView

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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