Solana’s rally over the past few months has been more than impressive. Despite minor setbacks, this coin was able to keep up with its macroeconomic uptrend.
The rating of the old has increased by more than 60% in the last month alone. However, Bitcoin and Ethereum limited their growth to below 20% in the same time window.
So the most important question here is: until when can Solana climb further up his charts?
One factor that has helped Solana maintain its relevance and outperform its competitors is the dedication and engagement of its developer community.
According to data from Solana Labs, the number of developers has risen sharply in recent months. At the same time, their quality and the pace of work have improved enormously since the end of October.
Additionally, as of the time of writing, that metric was revolving around its local high, according to the Santiment chart.
Due to the above activities, the Solana ecosystem has exploded in almost all areas. It was able to host a wide variety of novel projects. In fact, the infographics Solanianas created showed quite clearly the robust growth from March through October.
Main factors that have contributed to Solana’s growth continue to be increased network usage and the rising popularity of non-fungible tokens. According to the data, the cumulative NFTs minted on Solana have increased at an impressive pace – suggesting that the network is gradually gaining mainstream appeal.
Well, the long-term prospects for the coin look pretty good right now. Keep this in mind – Solana has already overtaken Cardano on the staking front, offering stakers the highest reward of more than 6.8%. The rising price already provides an incentive for new entrants to enter the market, but in order to generate passive income now, new players would gradually enter the market in the coming days.
In fact, it can be assumed that the demand for SOL will increase, and this would have a positive effect on the price of the old in the long term.
Solana was also able to hold high levels on its Sharpe ratio chart, suggesting that investors with high returns were drawn in for the risk they carried. So if this rate remains high, Solana could maintain its high ratings in the future.
In addition, the mint has strong support from its community members. The positive sentiment rises every few hours and has largely overshadowed the negative sentiment – which makes it another feather on Solana’s hat.
Given the rapid pace of development and other sentiment and return-centered factors, it doesn’t look like Solana will end up falling victim to the potentially evolving “crypto winter”.