• Solana (SOL) price has recovered about 40%, reaching $13.24 and recording over 50,000 more active daily users.
• From a technical standpoint, Solana bears have exhausted prospects based on the Elliott Wave principle.
• The Solana ecosystem has over 48,000 active developers and about 1,075 daily programs used, with a total value locked (TVL) of approximately $8.1 billion.
The recent performance of Solana (SOL) has been remarkable. The digital asset has seen a 40% surge in its price, reaching $13.24 and recording over 50,000 more active daily users. There is now speculation that SOL could soon reach $20, with the digital asset being the best-performing in the top 20 by market capitalization.
At the technical level, Solana bears have all but exhausted their prospects based on the Elliott Wave principle. The wave pattern has seen three consecutive dips, followed by a corrective phase and a potential long consolidation. Nevertheless, the speculative nature of the crypto market could mean that the Elliott Wave theory is nullified, leading to further capitulation.
The Solana development team is also hard at work creating decentralized applications (Dapps) to onboard more global users. The Sol ecosystem now boasts over 48,000 active developers and about 1,075 daily programs used. The total value locked (TVL) of the Solana ecosystem is approximately $8.1 billion, making it one of the most attractive propositions in the crypto space.
All in all, the Solana ecosystem is looking increasingly attractive. With a 40% price surge and over 50,000 more active daily users, there is now speculation that the digital asset could soon reach the $20 mark. The development team is also working hard to create more user-friendly Dapps, which could be a major draw for new users. Furthermore, the total value locked (TVL) of the Solana ecosystem is a testament to its appeal. Ultimately, the future of Solana looks bright and the digital asset could well be on its way to breaking the $20 mark.