- SOL’s daily active user base remained high during the month of December.
- Last week, the token’s value increased by 18% but indicators have turned bearish.
February was a great month for Solana [SOL], It was the most profitable month. The blockchain’s revenues soared over $2 million.
AMBCryptio therefore planned to examine Solana’s performances and see if the same trend would continue in March.
Solana’s Network Activity is Up
Solana Daily is a popular X handle which talks about SOL developments. tweet The blockchain’s revenues have skyrocketed the last few weeks.
AMBCrypto analyzed Artemis’ blog to see what is actually happening around SOL. data. Despite the increase in revenue we found that the fees for the blockchain actually fell over the last thirty days.
In March, network activity was high as well due to the high number of active daily addresses. It was surprising that despite the increase in Solana’s number of daily active addresses, the daily transactions have dropped over the past few weeks.
What is SOL’s behavior?
Market conditions boosted the price of tokens, even though the network’s activity on the blockchain was interesting.
According to CoinMarketCapSOL has risen by 18% over the last 7 days. The token’s price has risen by more than 2% in the last 24 hours.
SOL traded at $131.38, with a capitalization market of 458.1 billion. This makes it the fifth biggest crypto. Solana’s recent price increase also helped it become popular among crypto enthusiasts, as evidenced by the growth in its social volume.
SOL’s sentiment index also soared in the past few days. This means that the bullish sentiment surrounding the token has risen.
AMBCrypto looked at the daily chart of Solana to see if positive sentiment would allow SOL’s bull rally to continue.
Its MACD displayed a crossover bullish, indicating an upward price trend. On the other hand, all the remaining indicators appeared to be bearish.
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The Chaikin Money Flow Index (CMF) for example, registered a decline. Relative Strength Index, or RSI, also showed a downward trend.
Two indicators indicate that investors may soon see a correction in the price. SOL could plummet down to the support level of $81 if this turns out to be accurate.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
Source: ambcrypto.com