Monday, October 3, 2022

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Solana [SOL]: Is its 34.5% rally enough to fend off possible flippening with LUNA

As another week draws to a close, it’s time to look beyond the one-day surges to identify the project which saw a sustained, high-profile rally over the last seven days. Answer? Among the top 20 cryptocurrencies, the top performer was Solana [SOL], the sixth-biggest coin by market cap.

The thrilling thirties

At press time, SOL was changing hands at $136.85 after rising by 1.57% in 24 hours and rallying by 34.50% in seven days. This put it ahead of even Terra [LUNA], with the latter appreciating by 28.07% over the past week.

However, when looking at the top 100 cryptos, Waves [WAVES] recorded a weekly rally of 59.60%. Meanwhile, Zilliqa [ZIL] registered a 86.93% spike and STEPN [GMT] surged by an astronomical 224.30%.

However, coming back to the major leagues, what could be behind SOL’s rally? One possible cause might be OpenSea’s announcement that it would begin listing Solana-based NFTs from this month. That being said, we need to ask – Has SOL’s victory rally translated to greater network adoption?

Boiled, poached, scrambled, or DEV-iled?

Solana’s co-founders have made it clear that they have high ambitions for the network’s developer community. However, a quick look at the metrics confirmed that Solana development activity is still on its long-term downtrend.

In spite of a strong upward price surge, dev activity is a long way from its December 2021 highs.

On the question of volume, we can see that in spite of the coin’s rally since mid-March, trading volumes are yet to show any significant changes or spikes.

In fact, trade volumes have been on the fall since 1 April. Investors need to see if the weekend leads to more energetic trading activity. And of course, the psychological price levels of $150 and $200 are definitely levels to watch.

On the other hand, how is Solana doing when pitted against Terra [LUNA], the seventh-biggest crypto by market cap? LUNA was trading at $116.27 and rallied by 8% in the last 24 hours. With around $30.76 billion in total value locked, Terra’s TVL has appreciated by 5.84% in the last 24 hours.

It is clear that Terra is a powerful player. To that end, many investors will likely be on the lookout for a LUNA/SOL flippening in the coming future.

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