Solana [SOL] resurrects >7% but there’s more than meets the eye
Solana [SOL] seemed to have fought its way out of its recent slump. While it dubbed itself the “fastest blockchain in the world,” its speed since 26 August was only towards an uncontrollable price plunge.
Interestingly, the SOL current trend looks like “we’re back up” as the coin grasped a 7.89% uptick according to CoinMarketCap data.
While it has failed to reach $36.31, SOL has been able to reclaim the $32 mark. The upturn in price did not come with accompanying reasons since the rise in development activity was unable to help achieve an uptick earlier.
The development activity across the Solana blockchain has taken a downturn. According to Santiment, the value had dropped to 14 at press time despite being 20 as of 25 August.
With this fall, it could be that the development activity recently had less impact on the SOL price.
As for the trading volume, there seems to be a resurgent interest in SOL. Santiment data revealed that between yesterday (29 August) and the time of this writing, the 24-hour volume spike has been incredible. While it was at 508.94 million yesterday, SOL’s volume surged to 921.49 million.
Source: Santiment
The rise of SOL did not just end at increasing on-chain metrics. An assessment of the price momentum also revealed positives to watch. The Relative Strength Index (RSI) showed that SOL was at a favorable buyer momentum level.
At press time, the RSI value was 52.40. At this point, the possibility of sustaining the current SOL movement was way above the options of a bearish drawback.
In addition to the RSI, the Chaikin Money Flow (CMF) seems to align with the volume pump stated initially.
The CMF was largely above the zero point, with its value at 0.19. At this level, the CMF reflected that SOL buyers
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