Can Solana maintain its uptrend in Q4

Journalist

Posted: November 15, 2023

SOL’s active addresses and transactions have dropped compared to the beginning of 2023.
SOL was up by over 30% in the last seven days, and indicators were mostly bullish.

The year 2023 has been flourishing for Solana [SOL] as it managed to increase its value by a huge margin. To put it into context, it has outperformed top cryptos like Bitcoin [BTC] and Ethereum [ETH] in terms of price gains over the last few months.

Solana has even outshined Bitcoin

Solana Daily, a popular X (formerly known as Twitter) handle that posts updates related to the Solana ecosystem, recently posted a tweet highlighting how SOL has performed since the beginning of 2023.

As per the data, SOL’s price growth looked laudable, as its price was up by over 366% over 2023. While the number already looked astonishing, things got even better upon a look at top cryptos like BTC and ETH’s states.

While SOL’s price shot up by triple digits, ETH’s price only managed to go up by 70%, while BTC’s value shot up by more than 100%.

$BTC, $ETH, $SOL YTD PERFORMANCE

The performance speaks for itself. 336% YTD growth!#performance #solana pic.twitter.com/qFHYdHeZUP

— Solana Daily (@solana_daily) November 13, 2023

Not only did the token’s price increase, but if the latest data is to be considered, the blockchain’s network activity also surged in the last week.

As per another tweet from Solana Daily, the blockchain witnessed an impressive surge, gaining 130,000 active wallets in just the past seven days.

BREAKING: Solana experiences an impressive surge, gaining 130,000 active wallets in just the past 7 days. https://t.co/5G6PmSO81P

— Solana Daily (@solana_daily) November 13, 2023

However, while the token’s price surged substantially, the same was not true for the blockchain’s network activity.

AMBCrypto found out that, compared to the beginning of the year, Solana’s network activity has actually dropped. This was evident from Artemis’ data, which pointed out that both its daily active addresses and daily transactions have somewhat declined over the last few months.

Nonetheless, its captured value has increased as its TVL went up. Not only that, but the blockchain’s revenue and fees also followed a similar trend of increment.

Source: Artemis

Solana’s price to maintain the uptrend in Q4?

While we talk about SOL’s achievements on the price front year to date, it’s important to have a look at what the coming days might look like.

As per CoinMarketCap, SOL was up by more than 30% in just the last seven days. At the time of writing, it was trading at $54.52 with a market capitalization of over $23 billion.

Is your portfolio green? Check the Solana Profit Calculator

Solana’s Bollinger Bands revealed that its price was in a high-volatility zone. Additionally, its MACD also displayed a clear bullish advantage in the market, increasing the chances of a continued uptrend.

However, the Relative Strength Index (RSI) was concerning as it was in the overbought zone. This can increase selling pressure and result in a drop in SOL’s price over the weeks to follow.