Onchain data has shown a related growth in the development activities of Solana, Arbitrum, and Avalanche, as well as their market trend
The trading landscape is looking very good for Solana (SOL), Arbitrum (ARB), and Avalanche (AVAX), as they all recorded a surge in network activity.
Developers Raging On Solana, Arbitrum and Avalanche
According to market intelligence platform Santiment, the one thing that SOL, ARB, and AVAX currently have in common is the uptick in their respective ecosystem’s development activity.
Santiment mentioned that looking through a crypto ecosystem’s full development activity offers insights into its long-term roadmap. Such detail could provide investors with information about what projects are innovating and gaining from the competition in the crypto sector.
Thus far in October, Solana has seen a more than 10.7% surge in notable Github events. In the same way, Arbitrum and Avalanche have seen over a 5.2% increase in development in their respective ecosystems.
🧑💻 Looking at full crypto ecosystem development activity provides nice long-term roadmaps as to which are innovating and gaining on the ultra-competitive competition that this sector provides.
As of the first week of October, Solana’s has continued to emerge with a +10.7% rise… pic.twitter.com/Y5hOxJpHJl
— Santiment (@santimentfeed) October 7, 2024
A few other metrics also follow a positive progression.
SOL, ARB And AVAX Trading Volume Soars
SOL trading volume is currently showing an uptick of 34.78% and pegged at $2.4 billion. Conversely, its price is nearly 4% down, but the surge in network activity may serve as an anchor point for price rebound.
Crypto analysts opine that the coin is already exhibiting signs of a breakout. This was after it surpassed its 100-day Exponential Moving Average, historically serving as a potent resistance zone. They are keeping their eyes on the next price threshold of $150.
ARB and Avalanche have similar outlooks. Their prices are 3.36% and 3.14% below their previous levels 24 hours ago, respectively. However, ARB’s trading volume registered a 44.21% increase, while AVAX’s is 29.66% higher than the last 24 hours. The surge in trading volume reflects investors’ confidence in these cryptocurrencies.
Though speculative, a price rally may come from investors’ sustained buyup in the near to long term.
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