- The price of the SOL crypto has increased by 708% in the last 1 year.
- Solana has outperformed 92% of the top 100 crypto assets in the last year.
Solana, a high-performance blockchain, utilizes Proof-of-History (PoH) and Proof-of-Stake (PoS) mechanisms to handle thousands of transactions per second.
Its native cryptocurrency, SOL, facilitates transactions, innovative contract interactions, and staking for rewards. With 400ms block times, it’s designed to scale without sacrificing decentralization, processing over 21 billion transactions.
The derivatives trading volume for the Solana crypto has advanced by 19.5% in the last 24 hours. The spot trading volume of the crypto is further trading flat, and the value of the traded volume in the previous 24 hours is $2.769B for the spot.
Solana is the 5th largest cryptocurrency in the global cryptocurrency market. It has a market cap of $77.043B, which results in a market cap dominance of 2.95%. Also, the market cap of the crypto has declined by 2.04% in the last 24 hours.
The open interest in crypto has declined by 2.1% in the last 24 hours, resulting in $2.88B worth. It has witnessed a higher long liquidation of $8.96M, further showing sellers’ dominance. A short liquidation of $1.50M further follows this.
The current circulating supply of the crypto is 445.687M SOL, and the total supply of the crypto is 573.657M SOL. This is further followed by a maximum supply of infinity and a fully diluted market cap of $99.116B.
The price of the SOL crypto is highly volatile, resulting in 7.09%, and the supply inflation further stands at 15.52%. The crypto sentiment is also bullish, supporting the fear and greed index, which shows extreme greed.
Solana Blockchain Data Overview
The current total value locked for crypto is $4.358B, which has been consistently advancing with the rise in the crypto stablecoins market cap.
However, the crypto has a stablecoins market cap of $3.016B, and the fees recorded over the last 24 hours are $2.27M. Also, the revenue of the Solana in the last 24 hours is $1.13M.
Solana has a bridged TVL of $23.64B; the crypto amount is worth $315.76M, and the crypto inflows result in $143K.
Price Volatility Vs Weighted Sentiment Of Solana
The volatility for the Solana crypto is at its significant lows which is followed by the weighted sentiment also. The following behavior of the given data shows that the crypto community is not socially active.
SOL Crypto Technical Analysis
On the daily chart, the trading price of the crypto has formed a double top pattern, and the cost of the crypto has been consistently slipping towards lower levels since then.
The crypto price has further declined to a crucial support level, and if it breaks below the support level of $162.00, the price might slip directly to the lower level of $150.
SOL/USD Chart by TradingView
The price of the SOL crypto has declined below the 20-day EMA while the 50-day and the 200-day EMAs are trading in a golden cross. This shows that the cost of the crypto has enough space on the lower side for a decline in the price, which might result in retracement.
The crypto price might further rebound unless it breaks below the 200-day EMA.
The MACD indicator indicates a possibility of further decline in the crypto price as the MACD and the signal line are trading in a bearish cross. The values of the metrics further are moving towards the zero level.
The RSI has declined below the 50-level and the 14-day SMA following a declining momentum in the crypto price.
Summary
Solana’s (SOL) crypto faces bearish signals as it forms a double-top pattern, slipping toward crucial support at $162. If breached, it may drop to $150. Trading below the 20-day EMA, with MACD indicating further decline, awaits a potential rebound unless breaking below the 200-day EMA. RSI signals declining momentum.
Technical Levels:
- Support levels: $120.00 and $154.00
- Resistance levels: $205.00 and $225.00
Disclaimer
This article is for informational purposes only and provides no 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.