Why does Wormhole’s 189 score overtake Solana and Jupiter in development?

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By journalsofus.com

  • Wormhole shows promise with its high development activity.
  • Price action charts revealed a short-term decline.

A Emotion Post on X (formerly Twitter) revealed that the wormhole [W] Solana had the most development activity [SOL] Ecosystem Projects in the Last Month.

It easily surpassed the development activity of Solana and Jupyter [JUP],

Solana has experienced her share of pain over the past few days. The transaction failure rate reached 75% on April 6 and 7, bringing the network to its knees.

The increase in on-chain traffic over the past month, partly due to demand for meme coins, also saw a decline in daily active user numbers.

The high growth activity of wormholes was an encouraging development. An increase in its demand was also seen in the spot markets.

Comparing Wormholes to Solana and Jupiter

Source: Satisfaction at X

Wormhole’s 30-day development activity stood at 189. Meanwhile, Solana was at 108.2 and Jupiter was at 83.07.

In a Medium post, Santiment explained why tracking events provides a better understanding of development activity than GitHub.

The term event includes the number of code pushes, pull request interactions, GitHub wiki edits, and more. The result is that more activity generally equates to greater confidence in the ultimate success of the project.

This is a metric that reassures investors that the project will push more features and reduces the likelihood that the project is a scam.

Technical analysis sheds light on two key levels, but there’s a problem

Source: w/USDT on TradingView

W’s 1-hour chart revealed a bearish market structure. If the low at $0.913 is broken, it will signal continuation of the bearishness and further losses for the coin.

The last two days saw the price jump from $0.913 to $1.05. Also, OBV also went up slightly. Nevertheless, there has been a declining trend in trading volumes since March 5.

The RSI of the H1 chart was at 51, indicating that neither bulls nor bears had the edge in the short term.

Source: Coinalize

In contrast, W’s spot CVD showed a significant increase over the last 24 hours. This points to increasing demand in the spot markets.

Open interest was also trending upward, even as prices struggled to stop their decline.

Is your portfolio green? View W Profit Calculator

The problem here is that the price action is very short-lived. With only a few days of trading data available, it’s hard to figure out where W might go next.

As things stand, the $1.27 level, if broken, could see a rally to the wormhole.

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