- Last year, the trading price of the Solana crypto advanced by 634%.
- SOL crypto has outperformed 92% of the top 100 crypto assets in 1 year.
Solana is a high-performance blockchain using a unique Proof-of-History (PoH) mechanism to handle thousands of transactions per second. Its native cryptocurrency, SOL, is used for transaction fees and staking rewards within the network’s delegated Proof-of-Stake (DPoS) consensus model, enabling fast, low-cost transactions and interactions with smart contracts.
The volatility of the Solana crypto is 12.08%, which is considered high per CoinCodex. Also, the crypto sentiment is bullish, and the fear and greed index of the token is 72, indicating extreme greed.
The market cap of the Solana crypto is $71.18 Billion, which makes it the 5th largest cryptocurrency in the global cryptocurrency market. This further results in a market cap dominance of 2.87%.
The trading volume for crypto has went up 25.7% in the last 24 hours, followed by a 2.82% rise in market cap. Moreover, the value of the traded volume for the crypto is $3.179 Billion.
The volume/market cap ratio for the crypto is 4.46%, while the supply inflation of the crypto is also high, resulting in 14.08%. A maximum supply of infinity further follows it. The circulating supply of the crypto is 447.045 Million SOL, and the total supply of the Solana is 574.601 Million SOL.
Solana Crypto Derivatives Analysis
The trading volume of crypto derivatives has been consistently advancing and has started to surge since November. Also, in the last 24 hours, the derivatives volume has increased by 9.8%. This further results in a traded value of $5.85 Billion.
Open interest in crypto has also slightly advanced by 1.5% in the last 24 hours. Furthermore, the long liquidation recorded for the crypto is worth $1.38 Million, against which the short liquidation is much higher, resulting in $3.01 Million.
Social Dominance Vs. Social Volume Vs. X Followers
The crypto’s social dominance and volume are very low, highlighting low community activity. The social volume of the crypto could be better.
SOL Crypto Technical Analysis
The price of the SOL crypto is consistently advancing, following a dynamic trendline. The crypto price has taken multiple rejections on the trendline and has surged by 20% since the last rejection from the trendline.
SOL/USD Chart by TradingView
The 20-day and the 50-day EMAs overlap on the daily chart, and the 50-day and the 200-day EMAs trade in a golden cross. The crypto price is trading at the 50-day EMA, exhibiting bullish behavior.
The MACD and the signal line have formed a bullish cross but have declined below the zero level, showing weakness in the crypto price.
The RSI is trading at the 50-level and has crossed the 14-day SMA on the daily chart. If the price of the crypto further breaks above its current level, the price of the crypto might continue to surge to higher levels.
Summary
Solana crypto’s strong bullish momentum is evident, with a 634% increase in the past year. With high trading volume and market cap, SOL’s innovative PoH mechanism enables fast transactions. Despite low social activity, technical analysis signals bullish behavior, supported by EMAs, MACD, and RSI indicators, suggesting potential for further price surge.
Technical Levels:
- Support Levels: $98.83 and $127.50
- Resistance Levels: $175.6 and $210.50
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.