- In the last year, the SOL crypto has given a return of more than 300%.
- Solana uses the POH and dPOS consensus mechanisms along with the SHA_256 hashing algorithm.
Solana is a blockchain platform that uses PoH and dPoS to achieve high scalability, speed, and low fees. SOL is its native token that is used for transactions, smart contracts, and staking. Solana supports various decentralized applications and has processed over 21 billion transactions so far.
The current circulating supply of the Solana crypto is 433.377 Million SOL and it has a total supply of 568.221 Million SOL. Additionally, the max supply of the crypto is infinite and the fully diluted market cap of the crypto is $55.35B.
The market cap of Solana is $42.201 Billion, making it the world’s 5th largest cryptocurrency in the global cryptocurrency market. Furthermore, the trading volume of the crypto has increased by 43.1%, resulting in a traded volume of $2.272 Billion.
The volume/market cap ratio of the Solana crypto is 0.1273 and the supply inflation of the crypto is 19.42%, which is considered very high. Additionally, the current market cap dominance of the crypto is 2.56%, and the volatility of the crypto is also high at 6.35%.
Solana Derivatives Analysis
The derivatives data of the Solana crypto shows uncertainty in the price as there is a similar amount of long and short liquidation in the crypto. The long/short ratio of the crypto is 0.96.
The derivatives volume of the crypto increased by 58.4%, resulting in a value of $5.74 Billion. Additionally, the open interest of the crypto has increased by 1.07%, reaching $1.34 Billion.
SOL Crypto Technical Analysis
The SOL crypto price is following a strong uptrend on the chart with a higher high swing structure. Based on the most recent scenario, the price of the crypto is taking a pause and consolidating at higher levels by forming a swing high.
If the price of the crypto further breaks above the last swing high, we might witness an increase in the price which might lead the price to higher levels.
SOL/USD Chart by TradingView
The SOL crypto price is trading with a golden cross of the 50-day and the 200-day EMAs and the price is situated above the 20, 50 and 200-day EMAs. The value of the EMAs are also increasing along with the price of SOL.
The MACD and the signal lines have declined to the zero level they have overlapped with each other. This indicates uncertainty in the crypto price.
The RSI of the SOL crypto has recently broken above the 50-level by following a bullish cycle on the daily chart. The RSI has also broken above the 14-day SMA.
Summary
The SOL crypto has gained more than 300% in the last year and is the 5th largest cryptocurrency by market cap. SOL is currently in a strong uptrend and it could break above its last swing high. The technical indicators are bullish, pointing to the possibility of a further increase in the price.
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.