Overall, this week’s return on investment (ROI) is negative for most altcoins. However, at the time of writing, Bitcoin is showing some signs of recovery, as are other altcoins. SOL’s price chart shows a similar movement. This altcoin is trading at $ 22.69. If the trend continues in the next few days, can SOL switch to a new ATH?

Source: TradingView

Well, there are two answers to the above question and a number of factors that need to be considered before reaching any conclusion. First, people in the community are increasingly exposed to Solana-related media. diagram from CoinGecko pointed out that Solana’s Reddit subscriber base has increased significantly since the start of the year. In fact, at the time of writing, the number is ATH 27,185.

SOL market capitalization | Source: Messari

Interestingly, when SOL’s price started a downtrend in May, its market cap dominance remained largely unaffected. In fact, that number is an impressive 0.564% at the time of writing, while it was just 0.01% on Jan 1, 2021.

In this phase, the SOL has to overcome several hurdles in order to resume the uptrend.

First, the declining volume since the last week of June is a cause for concern for SOL. As shown in the attached graph, the value of the volume at the time of writing ($ 65.95 million) is quite low compared to the local high on Jan. May ($ 2.06 billion). Only when the volume increases does the price get the necessary trigger from SOL.

True mass of SOL | Source: Messari

In addition, the SOL volatility index has also been a downward obstacle since mid-June. At the time of writing, the SOL volatility index is 1.38 while on June 16 it reflects a value of 2.6.

SOL | volatility index Source: Messari

Despite the surge in subscribers on social media platforms, the dominance and volume of altcoin on social media has yet to increase. The social sentiment isn’t that high, which is what SOL’s bearish story shows. This is demonstrated by the following table from Santiment.

SOL price (green), social dominance (pink), social volume (red) | Source: Mood

However, Solana’s weekly development activity on GitHub is pretty impressive. In fact, the network is currently seen as a “rival” to Ethereum. ProofofGitHub account already statistical Weekly development activities of the network:

• # 1: 407 Cardano
• # 2: 324 Kusama
• # 3: 324 polkadot-new
• # 4: 283 Gnosis-gno
• # 5: 276 file coins
• # 6: 275 Ethereum
• # 7: 248 Solana
• # 8: 231 status
• # 9: 208 Elrond-egld
• # 10: 181 flow

In fact, Solana can scale without relying on L2 and sharding. This makes SOL a great option for investors to deposit funds. Plus, Solana’s one-year ROI reached a whopping 2718.32% while ETH was only able to achieve a 730% return over the same period. At this stage, Solana certainly presents itself as an attractive alternative to investing compared to the largest altcoin on the market.

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