Solana’s native coin, SOL, experienced a notable shift in its price following a successful partnership announcement with Vis on September 5th. Initially, SOL witnessed a promising surge of approximately 7%.
However, this gain turned out to be short-lived, as SOL subsequently tumbled by almost 8% over the course of the past week and experienced a 1.93% decrease within a 24-hour timeframe.
As of the latest price analysis, SOL is currently trading at $19.40, accompanied by a 24-hour trading volume of $295,237,830, reflecting a 24% decrease in trading activity.
SOL maintains its position as the 9th-ranked cryptocurrency on CoinMarketCap with a market capitalization of $7 billion. Technical indicators suggest a bearish sentiment, while the Fear & Greed Index registers a 41 score, indicating a prevailing sense of fear among investors.
Over the last 30 days, SOL has displayed 12 out of 30 (40%) green days and exhibited price volatility of 8.48%. Coincodex’s data also shows a predominantly bearish sentiment among market analysts, with 25 technical analysis indicators signaling bearish trends and only 3 indicating bullish signals.
Solana Foundation Launches Hyperdrive Hackathon
Nevertheless, there is a glimmer of hope on the horizon for SOL as the Solana Foundation has unveiled an upcoming hackathon called “Hyperdrive.” This hackathon aims to incentivize the development of new tools and applications on the Solana network and is set to offer prizes and seed funding totaling up to $1 million.
The Hyperdrive competition is open to virtually anyone interested and commenced on the day of the announcement, running until October 15th. Matty Taylor, Head of Growth at the Foundation, expressed the organization’s commitment to the network’s growth and expansion, stating:
Hyperdrive will help accelerate this by allowing anyone with an internet connection to compete as they launch their new startups on Solana.
The Solana Foundation has a track record of hosting successful hackathons, with over 50,000 participants, the launch of over 3,000 projects, and total venture funding raised by winners amounting to $600 million.
The top prize for the Hyperdrive hackathon includes $50,000 in USDC and tickets to Solana’s Breakpoint 2024 conference, marking an enticing opportunity for developers and startups to get involved in the Solana ecosystem and potentially shape its future.