Solana (SOL) offered an attractive chance for buyers to seize a favorable risk-reward ratio as it retraced to test a previous resistance area. At the same time, the market remained under the bulls’ control.
Furthermore, the on-chain metrics displayed promising performance. Notably, the number of active users experienced a gradual uptick, and an extraordinary surge in smart contract deployment on the platform was also observed.
Could this impressive on-chain performance indicate even more significant potential for Solana in the future?
Analyzing SOL’s Performance
According to data from Coingecko, the current trading price of SOL has reached $26.58, marking a 1.0% increase in the past 24 hours. Even more striking is the remarkable seven-day rally, where SOL has surged by an impressive 21.7%.
These metrics indicate a positive sentiment surrounding the cryptocurrency and suggest potential opportunities for investors and traders.
While a slight loss of bullish momentum may have been observed in the lower timeframes, the 1-day chart revealed substantial bullish potential for SOL. A SOL price report suggests that despite minor fluctuations in shorter periods, the overall outlook for SOL remains optimistic, especially considering the strong performance of the bulls throughout July.
Strength In Bullish Momentum And Demand
Two critical indicators, the Relative Strength Index (RSI) and the On-Balance Volume (OBV), further support the bullish outlook for SOL. The RSI showcased robust bullish momentum, indicating that the buying pressure has been significant during the recent price surge.
SOL market cap currently at $10 billion. Chart: TradingView.com
Additionally, the uptrend in the OBV signaled a considerable increase in demand for SOL, fueling the impressive rally in its price.
With SOL’s price showing strength and resilience, investors may consider this a positive sign for the cryptocurrency’s future performance. However, exercising caution and conducting thorough research before making investment decisions is essential, as the crypto market is known for its volatility.
Solana’s New Developer Tool
Meanwhile, the Solana blockchain protocol recently announced its latest developer tool, Solang. This innovative tool addresses the fundamental differences between the Solana ecosystem and the Ethereum blockchain network, particularly concerning the programming languages utilized in their designs.
1/ 🎉Introducing Solang: Building on Solana with Solidity
Today, @solanalabs announces Solang, a compiler enabling developers to write smart contracts on Solana in Solidity, the primary programming language of Ethereum.
— Solana (@solana) July 19, 2023
With Solang, developers can now write Solana programs using the popular Solidity programming language predominantly associated with the Ethereum network. This integration is a direct gateway for launching decentralized applications (dApps) on Solana, providing an excellent opportunity for applications to extend their value beyond their immediate ecosystems.
This cross-chain compatibility will likely encourage developers to explore the vast potential of Solana’s high throughput, low latency, and cost-efficient platform for building sophisticated dApps.
(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).
Featured image from Adobe Stock