Ethereum’s co-founder and popular crypto community member, Vitalik Buterin, has forecasted that the Solana blockchain still has a bright future. Mr Butern shared his insights into the future of Solana through a Tweet in which he also lauded the blockchain’s developer community for being sincere.

‘Some smart people tell me there is an earnest, smart developer community in Solana, and now that the awful opportunistic money people have been washed out, the chain has a bright future. Hard for me to tell from outside, but I hope the community gets its fair chance to thrive,’ Vitalik tweeted.

Solana Bounces From Thursday’s $8 Low Due to Vitalik’s Tweet

Mr Buterin posted the tweet early Thursday as Solana continued to dip below $10, hitting a local low of $8 for the day.

However, as soon as news broke of Vitalik’s tweet about the future of Solana, the digital asset pumped by 36% from $8 to a local peak value of $10.89. The one-hour chart below provides a visual cue of Thursday’s Solana’s price action.

Solana Needs to Reclaim $10 to Maintain a Bullish Argument

Zooming out to the one-day SOL/USDT chart below, it can be observed that Solana remains in bearish territory below the 50-day (red), 100-day (yellow) and 200-day (green) moving averages. The digital asset is trading at $9.11 and must reclaim the psychological $10 support level to maintain a bullish narrative.

From the chart, it can be observed that Solana’s daily MFI (green) and RSI (red) are in severely oversold territory, hinting that should buyer interest improve, SOL/USDT could experience a considerable bounce back above $10.

But the daily MACD confirms the ongoing bearish mood towards Solana. Therefore, despite the oversold MFI and RSI, Solana could keep spiralling toward the $7.14 and even $4.10 support. A worst-case scenario would be a fatal drop to the $3 macro support level.

(By John P. Njui)