Development activity on Solana cryptography has increased, which implies good news for the network because it means that developers are working to improve the blockchain. Indeed, the social volume of Ethereum’s killer token in its rise has reflected a spike in popularity in the cryptocurrency community.
Therefore, daily active portfolios are now three times higher than pre-FTP extension plummeting levels, fueling a bullish outlook among SOL holders. Solana, the Ethereum killer altcoin, was recovering from the decline in network activity and price after the FTX Exchange crash in November 2022. The altcoin network has seen a resurgence in its network activity, increasing it to three times that of the pre-FTX crash.
Solana crypto: the funding rate on Binance also increases
As anticipated, Solana’s daily activity surpassed pre-FTX collapse levels. Indeed, the Ethereum-killer smart contract blockchain platform has seen a surge in its development activity.
In addition to that, Solana’s funding rate is on Binanza apparently it has also seen an increase. The cryptocurrency funding rate is a small percentage of the value of a position that traders pay their counterparty at regular intervals. This is good if the perpetual contract price is higher than the exchange price.
Also, interestingly, the popularity of the asset was established with the increase in social mentions in the first week of January 2023, based on data from the cryptocurrency aggregator Lunar crush.
Tom Dunleavya senior research analyst at Messengers, the cryptocurrency-focused market intelligence provider, highlighted the statistic in a recent tweet. Additionally, Dunleavy shared a chart to confirm his bullish view of Solana, writing:
Furthermore, in another even more recent tweet, the analyst underlined another aspect of the Solana crypto business, namely:
Price Outlook for Solana Cryptocurrency: Bullish Breakout Expected
Apparently, Solana’s price predictions are bullish among traders. Indeed, experts believe that Solana is on course for a bullish breakout. Particularly, CryptoFaibikanalyst and technical expert, believes that SOL is ready for a 14.62% rally.
Solana bulls are targeting the $15.20 level and the smart contract platform token is on track to break through the descending limit on its chart. However, Solana is currently in a downtrend as the asset trades between two converging trendlines. Also, the declining wedge indicates a bullish breakout in SOL and CryptoFaibik expects Solana price to run higher.
The NFT Project has accepted $3 million to migrate collections from Solana to Polygon
More news for the Solana crypto: According to a Jan. 6 announcement, the team behind the NFT projects y00ts and DeGods it has been given $3 million in funding to migrate collections from Solana to Polygon. The statement was shared on Discord and reported on Twitter by Frank IIIfounder of the two projects.
The developers previously announced on December 27 that projects would be migrating to Polygon. This decision was seen as a possible blow against the Solana network, which was already under pressure from the aftermath of the FTX exchange failure.
However, there was no evidence at the time of any remuneration for the y00ts team in exchange for the migration. Ben Armstrongor BitBoy Encryptionwrote on his Chirping accounts:
This question from Armstrong included a survey to which, as of now, nearly 70% of users answered that yes, according to them, Solana’s cryptocurrency is dead. After, Vitalik Buterin argued that claims of Solana’s death may be exaggerated.
In this new statement from Frank III, the y00ts and DeGods founder said the team was offered even greater sums of money than they got in the Polygon deal, but decided to work with Polygon anyway as he felt most appropriate for the project.
Frank also attempted to respond preemptively to the criticisms that would arise from the disclosure of the fees received, stating:
“We didn’t accept for money. It’s just a nice bonus and we will use it effectively. We did this because it’s the most appropriate direction for y00ts as a project. Also, if you’re truly angry, I only ask that you channel this energy into genuine questions before automatically assuming the worst.
Frank III finally stated that the team will not use the money for their own consumption. Instead, the funds will be used to hire new employees for business development, graphic design, content creation and event coordination, which will allow the projects to gain greater adoption.
Meanwhile, Solana appears to have recovered from the exodus of y00t and DeGod, considering meme coins like Goodness they are again attracting trading activity on the net.