Solana Price Forecast: Development Activity Soars by 11% – Is SOL Heading for $300? 

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Harvey Hunter

Junior Content Creator

Harvey Hunter

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Harvey Hunter is a Junior Content Creator at Cryptonews.com. With a background in Computer Science, IT, and Mathematics, he seamlessly transitioned from tech geek to crypto journalist.

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Last updated: 

October 11, 2024

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Over the past 24 hours, the Solana price seems to have found its footing following yesterday’s hotter-than-expected inflation data, escaping with a 1.02% gain.

Meanwhile, a major 10.7% surge in development activity reaffirms strong long-term sentiment for Solana.

Despite a rough week, today’s growth has secured a gain for Solana since last Friday, up 0.5%. While other leading cryptocurrencies remain in the red, Solana has recovered quite quickly.

Indeed, the altcoin appears to be gaining traction, with a 13.21% surge in trading volume to $1.85 billion over the past 24 hours.

Development Activity Surges 11%: Is Solana Still the Go-To?

According to data from on-chain & social metrics firm Santiment, Solana is “gaining on the ultra-competitive competition” within the blockchain space.

The first week of October saw Solana emerge with a notable +10.7% rise in GitHub events, far surpassing its closest competitors.

Although both Arbitrum and Avalanche showcased positive growth at 5.2% each, Solana’s rise is significantly more pronounced.

This insight solidifies Solana’s position as the preferred destination for new blockchain ideas and decentralized applications (dApps), serving as a testament to the platform’s long-term potential.

As more developers choose to build dApps, test new features, and deploy the overall functionality of the blockchain on Solana, the platform’s native token SOL stands to benefit from increased adoption.

Solana Price Forecast: Is SOL Heading for $300?

Upon closer inspection, these strong fundamentals seem to bolster technical indicators that reinforce a positive outlook for Solana long-term.

Most significantly, the formation of a cup and handle pattern since late 2021 favors a bullish continuation of Solana’s long-term price appreciation, representing a temporary pause in a prevailing uptrend.

Currently, Solana remains bound within the channel forming the handle, consolidating before its next move under the weight of the current uncertain market sentiment.

As the crypto market wanes under geopolitical tensions and subpar U.S. economic data this month, a bullish breakout seems to have been put on hold. Weak momentum cautions a retest of its lower resistance.

Following a brief run in positive territory, the Relative Strength Index (RSI) has reassumed a bearish lean, just below the neutral line at a stable but concerning 48.

Although inflows appear to be up this week, with the Chaikin Money Flow (CMF) reading a positive 0.037, it has yet to provide a significant enough boost to alter this new downtrend.

However, it seems credible that the Solana price may find this momentum prematurely as it approaches the 50SMA, a strong support level thus far. Therefore, holding above $138 seems crucial for an early bail-out and a refocus on the pattern’s upper resistance.

Upon a breakout of this pattern, eyes will be set on new all-time highs with a price target of up to $400. With mass adoption and other fundamental catalysts stacking in its favor, the Solana price could go much higher.

This Early Opportunity Has Higher Gains Potential

While Solana’s fundamentals appear bullish, their full impact may not be realized in the near term.

Therefore, strategic investors might find it advantageous to diversify into newer low-cap meme coins with exponential growth potential.

One such coin is Flockerz ($FLOCK), the vote-to-earn meme joining the push toward decentralized governance, addressing the common criticism of meme coins being overly centralized.

Behind every strong meme coin is a stronger community intrinsic to its value. So why do these communities get sidelined in decision-making?

Flocktopia, the DAO of Flockerz, aims to correct this imbalance, and the meme coin community has already shown its support, raising nearly $600,000 in its presale!

With this decentralized structure, members of “The Flock” can influence key aspects of the project, including new features, development, token burns, marketing strategies, and growth initiatives.

Under Flocker’s vote-to-earn system contributions do not go unnoticed, those who participate in decision-making earn rewards in $FLOCK tokens.

But the rewards don’t stop there! Investors are currently enjoying one of the biggest passive income opportunities right now, boasting a lucrative 2,956% APY.

While the market wanes amidst recent volatility, The Flock continues to rake in consistent gains!

Join The Flock on X and Telegram to stay up to date on the latest announcements.

Check Out $FLOCK Here