February 8, 2023

  • Solana has alluded to the launch of the Solana mobile and the deployment of Fire Dancer in 2023.
  • SOL price has not been able to fully recover from the FTX crash, while developer activity appears to be recovering.

In her most recent posts, Solana has provided a proof of life by highlighting this year’s achievements so far and intentions for the next year.

The FTX crash affected the network and its native coin, and the market’s current bearishness hasn’t helped matters either. However, what can be gleaned from the most recent report card and how is the network and its token faring?

Solana highlights key updates for the year ahead

Solana used one after on his social media page on Dec. 21 to highlight his achievements so far this year. In addition, it listed the goals it hoped to achieve over the next year, indicating that it had no intention of letting the effects of the FTX crash hold it back.

The store hinted at the 2023 release date for the Solana phone. Solana claimed that the original purpose of the phone was to facilitate the use of decentralized applications (dApps) that provide access to Web3.

The introduction of the phone could be interpreted as a bold statement by the network about its place in the crypto world. In addition, it suggested that JumpCrypto’s Fire Dancer would be released sometime in the next calendar year.

A rollout that would increase speed and eliminate the frequent glitches that had plagued it from the start.

Read Solana (SOL) price forecast for 2022-2023

Developer activity resumes an upward trend

Solana highlighted the developers’ work and contributions to the development of the system. It claimed to have a total of 2053 developers working on Solana-using projects, of which 1654 were on Solana-only projects.

The chain had recently seen a decline in developer activity, as indicated by the developer activity statistic seen on Santiment. At the time of writing, it was showing on 24.1 and appeared to have been picked up.

Solana developer activity

Source: Sentiment

DEX and NFT business will continue

DeFi transactions had continued up the chain, according to Sealunch’s management of Dune Analytics’ Daily Active Users (DAU) metrics for the decentralized exchanges (DEXs) on Solana. It was found that there was some activity on a few on-chain DeFi protocols.

Solana dex

Source: Dune analysis

There was more action on the NFT front though, with Magic Eden dominating most of the activity on display. In the DAU of on-chain NFT marketplaces, the data indicated a respectable amount. In addition, it turned out that the Magic Eden marketplace had the largest share of network-wide daily active users.

Solana NFT

Source: Dune analysis

SOL has yet to recover

After ties to FTX caused a FUD in November, SOL lost about 70% of its value. The asset had not fully recovered from the crash, according to a daily check of its price.

It sold for about $12.1 at the time of writing, just over a dollar above where it plummeted. The signal and plus DI lines on the Directional Movement Index were significantly above 20 indicating that it was in a strong bearish trend.

Solar price

Source: TradingView

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Solana’s post focused on strategy; how that strategy would be put into practice is still up in the air. While 2018 was a challenging year for cryptocurrencies, the collapse of the FTX and its ties to it only made things worse.

The ability to successfully execute on his plans for the coming year can aid in recovery and spark an SOL rally. SOL’s current situation provides an excellent entry point for individuals who are still optimistic about the project.

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