Home Markets Solana Development Activity May Be On The Rise, But SOL Tells A Different Story

Solana Development Activity May Be On The Rise, But SOL Tells A Different Story

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Solana Development Activity May Be On The Rise, But SOL Tells A Different Story

The wreckage again fell on Solana [SOL] as the crypto markets worked for the past few days. One of the main reasons for the latest slaughter is Federal Reserve President Jerome Powell last word. His remarks saw major cryptocurrencies lose their respective supports and apparently FLOOR is one of the toughest assets right now.

Solana took a 9.5% beating in the last day alone and traded hands at $31.76 at press time. This is the lowest point Solana has seen since mid-July according to data from Coin Market Cap.

As reported earlier, with growing bearish sentiment for Solana, some traders expect prices to retest the $26 mark. Moreover, some expect prices to fall even further.

However, there are some signs of respite in the Solana ecosystem with some unlikely winners this week. Some of these protocols have ramped up activity as well as token holdings in the wake of the latest carnage.

We believe in Solana!

Solana News reported the highest daily earnings in the Solana ecosystem in a Tweeter. According to the update, Soldoge emerged as an unlikely winner as the top performing asset on Solana.

The SDOGE token jumped 100.2% in the last 24 hours. It is followed by Kitty Coin Solana which saw its symbolic price jump by 24.5%.

Meanwhile, Solana Daily published the Data regarding the best Solana tokens among holders. At present, KIN remains the most held token distributed among 6.74 million holders. It is followed by Gari which is held by 1.88 million investors. They are followed by the GST and GMT tokens of Stepn, based on Solana Gaming.

The Solana community will be thrilled to see old faces emerge as the best dApps on Solana right now. Solana Daily affirms that Gameta is STILL the top performing Solana-based dApp with over 56,440 daily users.

It is followed by major NFT marketplaces Magic Eden and OpenSea with 28.8,000 and 4.7,000 daily users respectively.

Where does the SOL come from?

These developments on the Solana network are further indicated on the development activity metric. Santiment shows that the network was showing signs of steady movement, but recently suffered a slight pullback.

This leaves the development activity metric at 9.24 at press time and is unlikely to rise until a steady market recovery.

Source: Santiment

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