Report Suggests New Developers Prefer Solana – Can This Push SOL to $500?

Solana has risen by 0.5% in the past 24 hours, with its move to $219.66 coming as the cryptocurrency market as a whole gains by the same percentage today.

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Report Suggests New Developers Prefer Solana – Can This Push SOL to $500?New Presale Coins Offer Strong Diversification Potential

The alt is now down by 3% in a week and by 16.5% since reaching an all-time high of $263.21 on November 23, with SOL price predictions remaining bullish in the wake of Donald Trump’s election victory.

And while it has retreated since late November, now remains very much a positive time for Solana, with Electric Capital’s latest Developer Report finding that it became the most popular network and ecosystem among new developers in 2024.

This is very encouraging as far as Solana’s fundamentals go, suggesting that SOL could make some very big price gains next year, and beyond.

Report Suggests New Developers Prefer Solana – Can This Push SOL to $500?

What’s interesting about Electric Capital’s Developer Report is that it documents changes in cryptocurrency development since 2015, finding some big shifts in demographics and adoption.

While it found that Ethereum remains the top ecosystem in terms of developer numbers, it also found that Solana has become the most popular network for newer devs.

Much of this stems from the fact that most of the world’s new developers are now located in Asia, with India in particular onboarding the most new devs since 2023.

New crypto developers chart. — Source: Electric Capital

And in India, Solana happens to be the most popular ecosystem, accounting for just under 30% of all devs.

The report also discovered that Solana doesn’t only dominate with new developers, but also with NFTs and DEXes.

For instance, 57% of all NFT minters are on Solana, which also accounts for 81% of all DEX (decentralized exchange) transactions.

DEX transactions chart. — Source: Electric Capital

It’s therefore quite difficult not to be bullish about SOL, which has already been one of this year’s best-performing tokens.

Many analysts are already very positive about the token for purely technical reasons, with the coin recently breaking through the neckline of a long-term neck-and-shoulders pattern.

And looking at its chart today, it seems that the coin is getting closer to enjoying a significant rebound from recent selling.

Its relative strength index (purple) has been below 50 for a few days now, increasing the probability of a recovery.

We also see that its 30-period average (orange) has been below the 200-period (blue) for several days, so this adds to the suspicion that SOL could rally this week.

Solana price chart. — Source: TradingView

Based on this analysis, we could see the Solana price move to $230 by the end of the week, before ending the year at around $260.

New Presale Coins Offer Strong Diversification Potential

Solana is likely to remain one of the strongest major alts for a long time to come, but traders looking to hedge their bets would do well to consider smaller cap tokens as well.

Smaller alts can often outperform the market, and this includes presale coins, which often generate lots of momentum en route to listing for the first time.

One token doing this right now is Best Wallet Token (BEST), which has now raised an impressive $4.5 million in its ongoing sale.

Best is the native ERC-20 token of Best Wallet app, which has become one of the most popular software wallets in crypto since launching last year.

Best Wallet users will gain several benefits from holding BEST, including discounts on transaction fees, higher staking rewards, voting rights, and early access to new presales and airdrops.

And because Best Wallet is one of the most well-established crypto wallets in the sector, BEST should therefore experience plenty of organic demand once it launches in the next few months.