​R.I.P. Solana (not really, but sort of)

Oooft!

Solana is down ~97% from its all-time-high ($258 → $11) and quickly sliding down the top 100 rankings on CoinMarketCap.

Now, we've fallen asleep through enough technical analysis videos, to realize we are not experts when it comes to reading the tea leaves of the short term market.

(Seriously, we thought Bollinger Bands were these things, up until last week).

BUT, what we have gleamed from these collective watch hours, is this:

The general consensus around 'what a cryptocurrency needs to survive a down market,' is: sustained development.

When the developers start to leave, it's often a death knell for the project.

While it's probably a little too early to gauge with Solana (the most recent dip in price came with the collapse of FTX), we did some digging and found something that surprised us...

It turns out that Solana currently ranks #3 overall, for code commits (i.e. development):

(For context, Bitcoin is #7, and Ethereum is #37).

Does this mean Solana is safe?

No idea (as we said, technical analysis = nap time for us).

But at the very least, this continued development isn't a bad thing.