Solana’s rally continues, but how does network health hold up?
- The Solana network consisted of nearly 2,800 globally distributed nodes.
- SOL was up by over 20% last week, but indicators turned bearish.
Solana [SOL] recently published the latest edition of its Validator Health Report, which highlighted the state of its network activity. As per the report, Solana’s validator network has continued to grow over the past months.
Realistic or not, here’s SOL’s market cap in BTC’s terms
Decoding Solana’s validator health report
Solana remains one of the largest proof-of-stake networks by node count. Notably, it consists of nearly 2,800 globally distributed consensus and RPC nodes.
1/ The most recent @Solana Validator Health Report is now published.
Solana remains one of the largest proof-of-stake networks by node count, one of the most distributed by Nakamoto Coefficient, and now, one of the most resilient by validator clients.
🔗https://t.co/84tag5MBCO pic.twitter.com/fRQl1Fb5t9
— Solana Foundation (@SolanaFndn) October 4, 2023
As per the report, there has been massive progress in Solana’s evolution as a multi-client network, with over 31% of the stake running through the Jito Labs client. The blockchain is also well distributed geographically, with no one country having 33.3% or more of an active stake.
It was interesting to note that in March, total consensus nodes dropped from 2200 to 1700, which was mainly due to the large amount of stake re-delegated away from the nodes.
Source: Solana
Furthermore, the report also highlighted how the network has improved in the recent past. Over the last few years, Solana became notorious for its downtimes. However, things have changed in the recent past, as since February 2023, the blockchain has a registered 100% runtime.
Solana’s investors are rejoicing
While the blockchain’s health improved, its native token also displayed a show worth watching. According to CoinMarketCap, SOL was up by more than 20% in the last 24 hours. At the time of writing, it was trading at $23.30 with a market capitalization of over $9.6 billion.
Thanks to this, SOL’s social engagement surged by over 65% last week. Its sentiment chart also followed a similar trend, as it grew by 80%. Additionally, its AltRank improved considerably.
Source: LunarCrush
Read Solana’s [SOL] Price Prediction 2023-24
Though the aforementioned metrics looked optimistic, a look at SOL’s daily chart painted a different picture. Its Relative Strength Index (RSI) was hovering near the overbought zone, which could increase selling pressure in the coming days.
Solana’s Chaikin Money Flow (CMF) registered a downtick and was resting near the neutral mark as well, indicating increased chances of a price correction. Nonetheless, the MACD remained in the bulls’ favor.
Source: TradingView
