Solana’s Galaxy Score is high, which can be considered a bullish sign. Additionally, several market indicators have also turned bullish, which is a good sign for blockchain and altcoins.
SOL is down more than 4% over the past seven days.
However, Solana’s NFT ecosystem flourished last week.
A few months ago, Solana [SOL]’s price surged, increasing its market cap significantly. The bearish market caused Solana’s growth trajectory to come to a halt. However, the latest data from LunarCrush points to bullish indicators for SOL, suggesting that its price will soon rise.
This is what Solana is looking for
According to CoinMarketCap, Solana has fallen by more than 4% in the past seven days. The price drop was accompanied by a 50% increase in trading volume, which can be considered a classic bearish signal. As of this writing, SOL is trading at $20.27 with a market cap of over $8 billion, making it the ninth largest cryptocurrency.
Despite the bearish price action, the latest data suggests bullish developments could change that. According to LunarCrush, SOL ranks second on the list of the highest-scoring cryptocurrencies in the Galaxy.
A high score generally means a high probability of price appreciation. Looking at Solana’s daily chart can provide a better idea of whether the token’s price will increase.
According to the Bollinger Bands, the price of SOL is in a minor range. Its Relative Strength Index (RSI) and Money Flow Index (MFI) are both near the oversold territory, looking bullish. However, the Chaikin Money Flow (CMF) remains bearish as it is trending downwards.
Solana’s performance on the social front remains positive. According to LunarCrush, the token’s social engagement surged by nearly 40% last week. Additionally, its bullish sentiment increased by 10%, while SOL’s bearish sentiment dropped by more than 20%, which is promising.
Solana excels in these areas
While price action is bearish, Solana’s network statistics look encouraging. For example, fees and revenues for the blockchain rose in July and have remained relatively stable since then. The blockchain’s total value locked (TVL) has also followed a similar growth trend over the past few weeks.
On top of that, Solana’s NFT ecosystem has also seen growth in recent years. As previously reported, recent data suggests that Solana’s NFT space has experienced a surge in activity over the past few days.
Even as of press time, the blockchain’s performance in the NFT space remains at par, as evidenced by the rise in its total number of NFT transactions.
