Solana Slowly Losing Its Glaze — Will SOL Survive in 2023?

• Solana price is down over $30 since the beginning of November 2022.
• Two Solana’s NFT projects namely DeGods and yOOts departing from SOL.
• Helium will switch to the Solana network during the first quarter of 2023.

Solana (SOL) was one of the best performing crypto project in the market, however, SOL started losing its glaze recently. 

Two NFT projects of Solana namely DeGods and yOOts announced their arrival to Ethereum and Polygon respectively in the first quarter of 2023. 

With this, it is clearer that the development activity on Solana is losing its glaze. 

SOL Analysis 

According to CoinMarketCap, the SOL price is trading at $11.33, down over $30 since the beginning of November 2022, and hit  a month low on Saturday. Added to this, the number of developers in the Solana has also dropped 97% from 2,453 to 75 since January 2022.

SOL’s extremely low volume indicator also showcases that the crypto hasn’t been actively traded for some time.

Adding fuel to the fire, the TVL of SOL also decreased to approximately $218 million.

The above chart indicates the inverted cup and handle pattern, which is represented as a bearish signal, with the right-hand side of the pattern typically showcasing the higher trading volume.

Furthermore, the loss target is calculated by measuring the distance between the top of the cup and the breakout level of the pattern and then extending that distance downward from the breakout level.

Despite the other negative trends surrounding Solana, one promising aspect of Solana is that Helium will switch to the Solana network during the first quarter of 2023.