The price recovered after diving all the way to $204 on December 10.
If the price manages to go above $227 mark then it will likely test the $234 recent resistance level.
Solana surpassed Ethereum as the top blockchain ecosystem for luring new developers in 2024, according to Electric Capital’s 2024 Developer Report. This is the first time this has happened since 2016.
This development exemplifies Solana’s explosive expansion; in the last year, 7,625 new developers have joined the network, an increase of 83% from the previous year. The network ranks as the top platform for new programmers in India and number two in other big markets like the US.
Furthermore, it has seven times more users than the next biggest chain, with 1.7 million wallet activity. Despite Solana’s elevated prominence, Ethereum is the most dominant blockchain in terms of overall developer activity.
Investors Optimistic
Investors in Solana (SOL) are becoming more confident, according to new data from Glassnode, who also found that their long-term asset retention rates increased significantly. Holders are anticipating significant price surge in the months ahead.
Investors with a time horizon of 6-12 months own 27% of Solana’s supply, according to Glassnode’s research. This indicates that these investors have a significant conviction in the asset’s future. This action suggests that a lot of people are setting themselves up for a rebound or rise in 2025.
At the time of writing, SOL is trading at $220.78, up 2.25% in the last 24 hours as per data from CMC. Moreover, the trading volume is down 8.74%. The price recovered after diving all the way to $204 on December 10.
However, the bears yet again came into action as the price found resistance at $234 level. If the price breaks below $214 level, then it will likely retest $204 recent support level. However, if the price manages to go above $227 mark then it will likely test the $234 recent resistance level.
