Crypto analyst Ali Martinez recently peered into Solana’s price chart and uncovered signs hinting at an imminent bullish flag formation – an enticing discovery that could mean big things for this cryptocurrency.
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Insights from a Crypto Analyst’s Chart
In a recent analysis, Ali Martinez, while looking at the hourly chart, noticed signs hinting at a potential formation of a bullish flag – a technical pattern often associated with bullish trends.
After hitting a peak of $123 on Christmas last year, Solana (SOL) has been facing some serious selling pressure since the start of 2024. As a result, the price of Solana dipped below $90 earlier this week, on Monday. Yet, surprisingly, SOL bounced back strongly by 12.98% to $102, sporting a market capitalization of $44.3 billion.
From October to December, SOL witnessed a whopping 500% surge in prices, all thanks to the meme coin craze hitched onto the Solana ecosystem. This made it briefly outpace Binance’s BNB token, scoring a momentary fourth-place spot in the cryptocurrency market cap rankings on December 22nd.
According to Martinez, the key to Solana’s significant price surge will be a decisive close above the $110 resistance level. If that level gets conquered, it could be the rocket fuel for this cryptocurrency, paving the way for some notable price hikes.
If this observed bullish flag pattern holds, the crypto analyst predicts an optimistic target for Solana at the $163 level. This ambitious forecast hints at a potentially significant profit potential for $SOL if the expected bullish momentum materializes.
The Solana Network is Buzzing with Developer Activity
According to the latest Solana Foundation data, over 2500 active developers are contributing to the Solana ecosystem every month. In a report dated January 8th assessing the network’s key metrics all over 2023, Solana proudly stated that throughout the past year, they’ve been clocking in between 2500 and 3000 active developers monthly on their network. Solana’s got its digital city, with developers busier than bees.
The company stated the following, clarifying that they’re only counting developers who are making contributions to public repositories:
Keeping a steady stream of developers is like a gym membership for a healthy ecosystem. It shows the ecosystem’s ability to lure and retain fresh talents.
However, according to the report from Electric Capital, a blockchain tracker company, the number of Solana developers amounted to a mere 946. The developer’s report brings in GitHub data to track blockchain developer activity. However, the stats only went as far as October 1st.
Something’s not adding up here, right? Either Solana’s inflating the numbers, or Electric Capital’s blockchain development tracker went on a holiday. They promise to sort this out when the fourth-quarter data gets a refresh by next week, according to the Electric Capital spokesperson.
Stay tuned for the next exciting update!
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