Solana is not lacking in positive news for its investors and cryptocurrency owners as it tries to recover from its lackluster performance last month.
- Solana is currently suffering from oversupply
- SOL 2 . camesecond abbreviation Next to AXL in trending searches for 7 days
- Crypto is down 6.3% in the past 30 days
It was recently announced that the Tulip protocol has been successfully integrated with WalletConnect into the Solana network.
Tulip Protocol is a decentralized application (dApp) that is said to be an efficient revenue aggregator that takes advantage of the low cost and high efficiency Solana blockchain that allows applicants to get higher APYs even without active management.
Meanwhile, on October 8, Solana surpassed all cryptocurrencies in terms of popular searches for seven days, taking second place.second abbreviation Behind AXL.
Topping the list of recent developments for the SOL Network is the development of Firedancer – the verification client that is supposed to prevent any future outages.
Solana is unable to tap uppercase
Even with all these positive events swirling around Solana, the cryptocurrency is still struggling to come out of its doldrums.
9The tenth The largest cryptocurrency by market capitalization is currently trading at $32.52 which is down 6.3% over the past month according to tracking from Koenigku.
The asset is seeing a steep price drop, dropping 79.3% on a time-to-date time frame. Also, over the past year, Solana has outperformed 70% out of 100 crypto assets.
The last 30 days weren’t crypto-friendly either, only managing to stay “green” for 12 days. It is currently 87% lower than its all-time high of $259.52 which it hit on November 6, 2021 and is on the cusp of supply inflation.
Although SOL has outperformed most other digital assets in popular searches, it is in a bearish position and continues to struggle with most of the crypto space.
Gauges are sending a bearish signal
If only his directional stance could save Solana, the asset wouldn’t be in this precarious position heading for another major drop.
The daily chart was full of bad news as Chaikin Money Flow (CMF) showed a dip below the critical neutral position – an indication of bearish momentum.
Taking into account all the activity of Solana’s charts, the analysts concluded that the asset could look at a resistance sign at $34.14.
It may mean that in the coming days, even if the crypto improves in terms of trading price, it will not exceed $34.14.
This is assuming that SOL will make an upward movement that won’t happen anytime soon as the asset is expected to decline in the next five days and settle at $31.22 trading price.
The upcoming November also does not look good for Solana as the price is expected to change at $21.39.
SOLUSD trading pair at $32.68 | Featured image from Crypto News, Chart: TradingView.com