Innovation, developer engagement, and network scalability are the primary focuses of the plan that was just presented by the Solana Foundation for the year 2024. According to the foundation's statement, "2024 is the year of Solana," with a particular emphasis on the significant milestones that were accomplished and the strategic objectives that were set for the year.
"Solana Foundation's State of Developer Ecosystem Report" notes an increase in developer engagement, with over "2,500 active developers committing to open source repositories." Additionally, the report emphasizes an amazing improvement in developer retention, which rose "from 31% to over 50% throughout the previous year."
The study included more information about the development of Solana's infrastructure, which achieved a significant level of maturity in 2023 with the implementation of "program frameworks for Rust, Python, and more," in addition to "software development kits (SDKs) available for 10 languages, laying a solid foundation for diverse decentralized application development." The unique GameShift API developed by Solana Labs has been a game-changer. It is a piece of "app-specific tooling" that was created to transform the gaming market on Solana's blockchain.
The growth story of the network is supported by on-chain data that was supplied by Messari. The data cites "a remarkable 102% quarter-over-quarter rise in average daily fee payers, amounting to 190,000." Additionally, the data cites "a 65% quarter-over-quarter increase in daily average non-voting transactions, reaching 40.7 million."
Additionally, the roadmap reveals impending developments that are set to alter the potential of blockchain technology. To begin, Solana intends to provide "token extensions to enable tokenomics that are more complex and multifaceted."
The second thing that will be a priority in 2024 is the introduction of Firedancer, which is a new independent validator client for the Solana blockchain that was designed by Jump Crypto. The goal is to overcome previous flaws in Solana's peer-to-peer interface, as well as to handle a greater number of concurrent transactions, boost network performance, resilience, and efficiency, and do all of these things simultaneously. Specifically, the month of October 2023 saw the launch of Firedancer on the testnet.
Runtime v2, which will be developed by Solana Labs and will have the objective of "significantly enhancing the network's performance and developer experience," will be the third priority of the 2024 plan.
It is a concurrent transaction processor that handles transactions that have stated data dependencies and explicit dynamic memory allocation. This runtime is responsible for managing transactions. Alterations are introduced that are coordinated by epochs, which in turn affects the behavior of the cluster. In addition, Solana Core has just announced that Runtime version 2 will include support for the Move programming language, which is a significant change.
Further reading: Solana Is Positioned to Experience a Major Upside: Following the price breakout, the analyst forecasts a 47% increase.
Messages sent out by the Solana Foundation via X reflect the organization's dedication to both innovation and community engagement: The fervent community that we have here in Solana is what makes the ecology that we have here so powerful. We are prepared to speed into the year 2024 and firmly establish Solana as the leading platform for blockchain development thanks to the constant support of the community. A quickening of pace is required. Let's keep progressing and make 2024 the year that Solana is celebrated.
A Technical Analysis of the Solana Price Prediction for the Year 2024
Predictions for the year 2024 may be derived from a technical study of the price activity taking place on the weekly chart of the Solana/USD pair. Since the middle of November, the price movement of SOL has been contained inside a parallel uptrend channel, which is suggestive of a steady and persistent rising trajectory. The trajectory of the price movement has been directed by the parallel lines that indicate support and resistance. These lines have provided obvious levels for prospective buy and sell positions.
When used from the swing high of about $262 to the swing low of $7.93, the Fibonacci retracement tool reveals critical levels that have the potential to function as barriers or support in the future.
The level of 0.236, which is now at $69.59, is a retracement level that was previously acting as resistance but has now become support.
The next major price objective for a weekly finish is 0.382 at $107.74, which has been challenged and is the level that has been tested.
0.5 at $138.57: This price level served as a solid support from the beginning of 2021 until the beginning of 2022, but it moved into the position of resistance in April of 2022.
0.618 at a price of $169.41: This level, which is sometimes referred to as the "golden ratio," is essential for determining whether or not a trend will continue.
0.786 at $213.30: If this level is broken, it may indicate that bullish momentum is increasing significantly.
1 at $269.22: The price discovery phase starts as soon as SOL achieves its all-time high on the stock market.
Extended Fibonacci levels, such as 1.618 at $430.69 and 2.618 at $691.98, provide aspirational objectives in the event that the uptrend continues during the forecast period. In this case, the price goal would be considered very positive.
The fact that the Exponential Moving Averages (EMA) for the 20, 50, 100, and 200 periods are all located below the current price has provided more evidence that the uptrend is going strong. Midway through the month of December, a 'golden cross' occurs when the 50-EMA crosses over the 100-EMA. This is a signal that is often considered to be bullish.
Constructive patterns can be found in the trading volume, with more volume being seen on upswings. This is a good indicator that interest in SOL will continue to be maintained. Despite the fact that the momentum is moving in an upward direction, the Relative Strength Index (RSI) is now located around 60, which indicates that there is still opportunity for expansion before reaching overbought conditions being reached.
Taking into consideration the fact that the weekly chart exhibits a parallel upward channel, powerful Fibonacci levels, supportive moving averages, and healthy volume and RSI readings, the technical analysis offers a very hopeful picture of the price outlook for Solana in the year 2024.
