- Solana Crypto has gained its value by more than 70% in the last 16 days.
- SOL crypto is following a very strong uptrend on the daily charts.
The Solana crypto follows the POH and POS consensus mechanism and uses the SHA256 hashing algorithm for hashing blocks. It is a high-performance blockchain founded by various highly experienced engineers. It was launched on 31st March 2020. Solana crypto has been witnessing some decent activity in its volume resulting in an advance of 24.32% in the last 24 hours. The traded volume of the crypto in the last 24 hours is $1.57B. The market cap of the crypto has also advanced by 7.8%.
SOL crypto is currently trading for $39.64 resulting in an advance of 7.8% in the last 24 hours. As per Coinmarketcap, the market cap ranking of the crypto is #7. The circulating supply of the SOL crypto is 419.441M SOL followed by a total supply of 561.425M SOL. The current fully diluted market cap of the SOL crypto is $22.255B. The all-time high price hit by the Solana is $259.96 and since then the price has declined by 85.0%. Despite this huge decline in price the crypto is still trading 7,600% above its all-time low.
Solana Derivatives Analysis
The derivatives trading volume of the Solana crypto has advanced by 38.05% in the last 24 hours following an advance of 16.88% in its open interest. Also, the reported short liquidation is double its long liquidation. This shows that the buyers are winning and dominating the crypto price.
SOL Crypto Technical Analysis
The Solana crypto price has been trading inside the triangle pattern for more than a year and has recently broken out above it. After breaking out above the triangle pattern the SOL crypto has advanced by more than 45%.The SOL crypto price also has advanced above the 50-day and the 200-day EMA following a golden cross. This represents a strong uptrend in the crypto price. The RSI for the Solana crypto is also trading above the overbought zones and has advanced above the 14-day SMA line.
Conclusion
The technicals for the SOL crypto are bullish and the derivatives data also suggest the same. The Solana crypto price can advance to higher levels and hit the resistance in the upcoming days.
Technical Levels
- Support levels– $13.20 and $17.60
- Resistance levels– $48.40 and $78.00
Disclaimer
The views and opinions stated by the author or any other person named in this article, are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.