{"id":1384,"date":"2022-12-21T13:04:03","date_gmt":"2022-12-21T13:04:03","guid":{"rendered":"https:\/\/solanacrypto.news\/2022\/12\/21\/solana-price-prepares-for-massive-recovery-amidst-raging-crypto-winter\/"},"modified":"2022-12-21T13:04:03","modified_gmt":"2022-12-21T13:04:03","slug":"solana-price-prepares-for-massive-recovery-amidst-raging-crypto-winter","status":"publish","type":"post","link":"https:\/\/solanacrypto.news\/2022\/12\/21\/solana-price-prepares-for-massive-recovery-amidst-raging-crypto-winter\/","title":{"rendered":"Solana price prepares for massive recovery amidst raging crypto winter"},"content":{"rendered":"<div id=\"fxs_article_content\">\n<ul>\n<li><strong>Solana active developers declined by 90%, from 2,500 in January to mere 75, according to data from Token Terminal.\u00a0<\/strong><\/li>\n<li><strong>The Ethereum-alternative is close to a bullish breakout in the ongoing bear market, based on technical indicators.\u00a0<\/strong><\/li>\n<li><strong>Solana price\u00a0in a downtrend since early November, SOL\u00a0preparing for a bullish trend reversal.\u00a0<\/strong><\/li>\n<\/ul>\n<p>Solana, popular as an Ethereum alternative, has witnessed a steep decline in the active developers on its blockchain network. After nearly a month-long downtrend, SOL price is ready to break out of its downtrend and wipe out losses from the spreading FTX exchange contagion.\u00a0<\/p>\n<p><strong>Also read:<\/strong> <a target=\"_blank\" href=\"https:\/\/www.fxstreet.com\/cryptocurrencies\/news\/samuel-bankman-frieds-bankrupt-ftx-exchange-executives-find-124-billion-cash-not-enough-to-pay-creditors-202212210859\" rel=\"noopener\">Samuel Bankman-Fried\u2019s bankrupt FTX exchange executives find $1.24 billion cash, not enough to pay creditors<\/a><\/p>\n<h2 class=\"fxs_headline_medium\">Solana is ready for a comeback from crypto winter<\/h2>\n<p><a target=\"_blank\" href=\"https:\/\/www.fxstreet.com\/cryptocurrencies\/news\/samuel-bankman-frieds-bankrupt-ftx-exchange-executives-find-124-billion-cash-not-enough-to-pay-creditors-202212210859\" rel=\"noopener\">Solana<\/a>, a public blockchain platform with smart contract functionality, is ready for making a comeback after a month-long downtrend. SOL, also known as the\u00a0Ethereum alternative, started its price decline on November 5. The FTX exchange collapse and spreading contagion had a negative impact on Solana price and the altcoin is currently in a descending channel.\u00a0<\/p>\n<p>The number of active developers in the Solana ecosystem recently witnessed a steep decline. From 2,500 active developers in January the number has declined to 75, a 95% drop within a year. Among all altcoin networks, Ethereum has the highest number of developers, followed by Cardano, Cosmos, Polkadot, and Kusama.\u00a0<\/p>\n<h2 class=\"fxs_headline_medium\">Solana price could witness a bullish breakout in the next two weeks<\/h2>\n<p>Solana price chart reveals that the altcoin\u2019s price is in a descending channel. <a target=\"_blank\" href=\"https:\/\/www.fxstreet.com\/cryptocurrencies\/news\/charles-hoskinson-calls-cardano-community-to-share-opinion-on-new-developmental-milestone-202212210743\" rel=\"noopener\">SOL<\/a> price made three attempts to break out of the upper trendline, however, the confirmation needed for a trend reversal is a close above the trendline.<\/p>\n<p><img decoding=\"async\" alt=\"SOL\/USDT 4H price chart\" src=\"https:\/\/editorial.fxstreet.com\/miscelaneous\/SOLUSDT_2022-12-21_15-38-41-638072193741897300.png\" style=\"width: 950px; height: 614px;\"\/><\/p>\n<p><small>SOL\/USDT 4H price chart<\/small><\/p>\n<p><a target=\"_blank\" href=\"https:\/\/www.fxstreet.com\/cryptocurrencies\/news\/xrp-price-forecast-2023-ripple-gears-up-for-a-bright-future-if-it-wins-legal-battle-with-sec-202212201536\" rel=\"noopener\">Solana<\/a> faces two immediate resistances at the 20-day Exponential Moving Average at $12.31 and the 50-day EMA at $12.73. A breakout could imply a run-up to the weekly high of $12.73. If SOL price continues its uptrend, it could hit the bullish target of $31.68.\u00a0<\/p>\n<p>Invalidation of the bullish thesis could result in a price drop to the monthly low of $10.94. Solana is at risk of further price decline if SOL price plummets and closes below the lower trendline of the descending channel.<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Solana active developers declined by 90%, from 2,500 in January to mere 75, according to data from Token Terminal.\u00a0 The Ethereum-alternative is close to a bullish breakout in the ongoing bear market, based on technical indicators.\u00a0 Solana price\u00a0in a downtrend since early November, SOL\u00a0preparing for a bullish trend reversal.\u00a0 Solana, popular as an Ethereum alternative, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1385,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rank_math_lock_modified_date":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1384","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/posts\/1384","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/comments?post=1384"}],"version-history":[{"count":0,"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/posts\/1384\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/media\/1385"}],"wp:attachment":[{"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/media?parent=1384"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/categories?post=1384"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/tags?post=1384"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}