- Solana’s developer ecosystem surpasses 2,000 total developers by 2022.
- The community is thriving, being hailed as the blockchain’s most valuable asset.
- Solana’s current price has the potential for a trend reversal.
According to a report by Electric Capital, Solana’s developer ecosystem has surpassed 2,000 total developers by 2022, making it the fastest-growing crypto in the blockchain industry. The report also shows that Solana’s developer growth outpaces that of all other blockchain networks, behind only Ethereum.
Electric Capital’s report highlights Solana’s potential as a leading blockchain platform in the industry, with an 83% increase in developers joining in December 2022. Compared to other blockchains, the total number of developers on Solana has increased by more than 10 times since 2018.
The procedure for developing on the blockchain network is becoming more efficient as Solana’s acceptance among developers grows. Also with developer-focused events like hackathons, new courses, and other developer-friendly IRL events, interest in Solana among developers increases.
This pattern emphasizes how Solana is becoming more and more user-friendly, making it a top choice for developers building decentralized applications. Nonetheless, the Solana developer ecosystem continues to thrive, with the community being hailed as the blockchain’s most valuable asset.
Moving on to the price analysis for Solana, looking at the 1-hour chart of Solana, it has been trading in a bilateral pattern, descending triangle. If Solana breaks the upper trendline, it can reach up to $26. However, if the bears favor the market, we can expect Solana to reach back to the $18.56 price level.
Upon examination of the moving averages, it appears that SOL is currently trading above the 200-MA, but beneath the 50-MA. This could be indicative of a potential trend reversal for the asset. However, it is worth noting that the RSI of SOL currently sits at 44.55, indicating that it is neither overbought nor oversold. As such, it may be wise to wait for further retracements before entering a trade to achieve a more favorable risk-to-reward ratio.
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