January 27, 2023

  • Solana’s TVL registered a downturn
  • However, statistics showed that SOL was recovering

Solana [SOL] has witnessed a multi-faceted decline for several weeks now. DeFiLlama’s data showed that Solana’s total worth has locked in for the past week downwhich was a negative signal for the network.

Read from Solana [SOL] Price prediction 2023-24

Nevertheless, SOL showed signs of price recovery. According to CoinMarketCap, the price of SOL is up 2% over the past week, and at the time of writing, it was trade for $14 with a market cap of over $5 billion. According to CoinGecko, SOL was also listed among the top winners in the Solana ecosystem.

Take a look at SOL‘s on-chain metrics gave a better insight into what to expect from the token during the last weeks of this month; a few were in favor of further price increases.

Solana recovers

Santiment’s data showed that a few bleak statistics supported a price increase in the coming days. For example, SOLThe organization’s development activity has grown significantly over the past week, demonstrating that developers are working hard to make the blockchain better.

SOL also received increased interest from the derivatives market as Binance funding rates have risen in recent days.

Interestingly, SOL’s volume gained momentum northward after a continuous decline, which was optimistic for the token.

Source: Sentiment

Mario Nawfal, the founder of the IBC Group, expressed his opinion on Solana, saying that the fundamentals of the platform looked solid.

Where is SOL going?

Like the on-chain stats, several market indicators also looked positive for the network and suggested a price increase. The MACD showed a bullish crossover, increasing the likelihood of a price increase.

Nevertheless, SOLThe Chaikin Money Flow (CMF) registered a downtick and the Relative Strength Index remained below the neutral mark, which was bearish. The Exponential Moving Average (EMA) ribbon also revealed a bearish trend in the market, which was concerning.

Source: TradingView

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