- According to Electric Capital’s report Solana gained 7,625 developers in 2024 which resulted in becoming the network that captured 19.5 percent of new blockchain developers.
- The market signal emerged when FalconX completed their first institutional block trade for Solana futures at the CME platform revealing increasing institutional involvement with the SOL ecosystem.
- The price of SOL declined by 6 percent as the SuperTrend indicator became negative and RSI reached near-oversold conditions which prompted traders to exercise technical wariness.
The Solana mainnet reached its fifth anniversary in March 2025 and showcased remarkable milestones in its entire network infrastructure. The Solana blockchain executed more than 408 billion transactions along with over 254 million block creations through the support of its existing 1,300 validators.
The decentralized applications on Solana gained more users based on $7 billion total value locked statistics available on DeFiLlama data. The stablecoin market of the network shows a large figure of $11 billion but has decreased slightly since its peak at $12.6 billion in February.
Developer Adoption Remains Strong
The 2024 Developer Report from Electric Capital confirmed Solana surpassed all other networks by attracting the highest number of new developers. The blockchain network succeeded in bringing 7,625 new developers into its fold which made up 19.5 percent of new blockchain professionals in the year. Emerging developers chose Solana as their preferred platform because of these developments.
Additionally, institutional involvement has continued to expand. FalconX recently executed the first block trade for Solana futures listed on the CME Group, in collaboration with StoneX. FalconX’s Josh Barkhordar noted that the development allows institutions to gain risk-managed exposure through a regulated market environment.
SOL Price Turns Bearish Amid Technical Pressure
However, the positive anniversary news comes as SOL’s market price shows weakness. According to CoinMarketCap, SOL dropped by 6 percent in the past 24 hours, drawing attention to bearish technical indicators.
Prominent analyst Ali Martinez pointed out that the SuperTrend indicator flipped bearish on the weekly chart. The last occurrence of this signal preceded a major price collapse, triggering renewed caution among market participants.
From a technical perspective, the Relative Strength Index currently stands at 40.37. The downward slope suggests the token is moving closer to oversold conditions, typically seen as a short-term warning for price action.
Moreover, the Moving Average Convergence Divergence still indicates minor bullish momentum. The MACD line continues to trail slightly below the signal line, offering mixed signals in contrast to other bearish indicators.
