Bittime - The Solana blockchain ecosystem has become increasingly popular in recent months. This increase in popularity had a direct impact on Solana network activity, which increased sharply. However, this is not in line with the price of SOL coin which has actually fallen. Why? Let's discuss it in this article!
High Network Activity, But SOL Prices Sluggish?
Chart comparison of daily transactions of SOL and active addresses on the Solana network
(Source: Artemis)
Crypto analysts observe Solana's dominance surpassing other blockchain networks in terms of activity. However, there is something strange. In the midst of frenetic network activity, the price of SOL tokens actually fell 6.9% in the last week.
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This indicates that the performance of the Solana ecosystem and the price of the SOL token do not always go hand in hand. This is not the first incident, this phenomenon occurred on April 11. At that time, transactions on the Solana network experienced a big spike, but the price of SOL actually collapsed by 20%.
Also read: What is Solana (SOL) Pay?
Fortunately, the SOL price managed to recover and form a positive trend after May 15. Bullish momentum pushed SOL price beyond its previously recorded low. When this article was written, SOL was trading at around IDR 2,650,668 (exchange rate $1 = IDR 16,000).
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Even though the SOL price correction is not too deep, continued selling pressure could drag SOL to the level of IDR 2,440,000 (around $152.48).
Decreasing Technical Indicators
Technical analysis shows the Relative Strength Index (RSI) for SOL fell to 43.91. This indicates weakening bullish momentum. The Chaikin Money Flow (CMF) indicator for SOL also fell to -0.03, indicating minimal capital inflow.
Also read: What is Harambe on Solana (HARAMBE)? Solana Based Cryptocurrency
Can Social Media Save SOL?
Popularity on social media is a factor that can influence the price of SOL in the future. AMBCrypto's analysis of Santiment data shows a significant decrease in the volume of conversations regarding SOL on social media. This means that comments and hot discussions about Solana in cyberspace are increasingly fading.
SOL's declining popularity could have a negative impact on its price movements. However, there is a glimmer of hope. SOL's weighted sentiment actually showed an increase. This means that the remaining conversation about SOL is positive.
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If this positive sentiment persists and is accompanied by increasing conversation volume on social media, the SOL price has the potential to recover.
How to Buy Solana (SOL) on Bittime
You can buy and sell Solana (SOL) in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Solana (SOL) is available on Bittime with the market pair SOL/IDR. To be able to buy SOL IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn Complete guide on how to buy Solana (SOL) on Bittime.
Monitor price chart movements for Solana (SOL), Bitcoin (BTC), Ethereum (ETH) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also read:
Why Solana Price Dropped Today
What Is Solanium (SLIM): The Most Complete DeFi Platform on the Solana Network
Solana Ecosystem: Exploring the World of Possibilities
Top 8 Memecoins on Solana for 2024!
DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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