Strong Support for Solana Among Developers, but SOL lagging

Time Stamp: August 27, 2022 1:53 PM
Source Node: 1642135

Since the cryptocurrency markets have been struggling lately, the rubble has once more fallen on Solana [SOL]. Chairman of the Federal Reserve Jerome Powell’s most recent speech is one of the main causes of the most recent massacre.

Major cryptocurrencies lost support as a result of his comments, and it appears that SOL is one of the most difficult-to-hold assets at the moment.

Solana has lost 9.5% of its value in just one day and is currently trading at $31.76. Using information from Coin Market Cap, we can observe that this is the lowest position Solana has experienced since mid-July.

As previously mentioned, some traders anticipate that prices will once more test the $26 level due to the developing adverse sentiment for Solana. Some people also anticipate even greater price reductions.

The Solana ecosystem is showing some signs of relief this week, though, with some unexpected winners. In the wake of the most recent devastation, some of these protocols have increased activity along with token ownership.

What Keeps Solana Ticking?

In a tweet, Solana News listed the top Daily Gainers throughout the Solana ecosystem. According to the report, Soldoge was the best-performing asset on Solana and came out on top.

The price of the SDOGE token increased by a startling 100.2% over the last day. It is followed by Kitty Coin Solana, whose token price increased by 24.5%.

In the meanwhile, Solana Daily published information on the most popular Solana tokens among holders. KIN continues to be the most popular token among its 6.74 million holders at the moment. Gari, which is owned by 1.88 million investors, is next. They are followed by the GST and GMT tokens from Stepn, a Solana-based gaming company.

The emergence of familiar names as the top dApps on Solana at this time will excite the Solana community. With over 56.44K daily users, Gameta is reportedly once again the best-performing Solana-based dApp, according to Solana Daily.

With 28.8K and 4.7K daily users, respectively, Magic Eden and OpenSea, two well-known NFT markets, come in second and third.

The development activity indicator also displays these developments on the Solana network. According to Santiment, the network had been moving steadily but has recently experienced a slight decline.

This results in the development activity metric value being 9.24 at the time of publication, and it is not anticipated to increase until a stable market recovery.

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