- An increase of 7.79% has been observed in the SOL crypto price during the weekly trading session.
- The buyers show their strong presence from the $118.67 decisional point of interest (POI).
- 24-hour trading volume has reached $1.32 billion while observing a decline of 59.54%.
Launched in March 2020, Solana (SOL) is an open-source project that provides decentralized finance (DeFi) solutions. The highly functional protocol banks on blockchain technology. It is designed to facilitate the creation of decentralized applications (DApps) and make decentralized finance accessible on a larger scale. Solana’s innovative hybrid consensus model, Proof of History (PoH), combined with Proof of Stake (PoS) algorithm, improves scalability and secure transactions.
Performance, Supply Changes, Valuation & Distribution of Solana Crypto May 2024
Solana is one of the most popular cryptocurrencies in the world. Crypto has placed itself among the top 5 most influential cryptocurrencies globally. SOL crypto is outperforming the global cryptocurrency market, with an increase of 9.80% in the last seven days. However, crypto is underperforming compared to FTX holdings.
The current market capitalization of the Solana blockchain stands at $66.46 billion. The maximum supply for the SOL tokens is unlimited. 575 million tokens have been created to date, out of which 447 million are in current circulation. Conversely, the community behind Solana is 80% bullish today.
The allocation for Solana (SOL) tokens is broadly distributed in the following categories :-
- 15.86% is allocated to the Seed Sale.
- 12.63% is allocated to the Founding Sale.
- 5.07% is allocated to the Validator Sale.
- 1.84% is allocated to the Strategic Sale.
- 1.60% is allocated to the Public Auction Sale.
- 12.50% is allocated to the Team.
- 12.50% is allocated to the Foundation.
- 38.00% is allocated to the Community Reserve.
Technical Analysis of the Solana (SOL/USD)
The long-term outlook implies above the key exponential moving averages on the bullish side. The current crypto price rebounded the 50-day EMA from below, indicating the continuation of the uptrend.
SOL price faced strong resistance from the $211.13 level after the breakout of the $126.40 major resistance level. The crypto price has gained strong bullish reactions from the $118.67 decisional POI in the last few trading sessions.
At present, the price is trading at $154.51, moving upward. The price can surge up to the $176.67 mark if the price breaks above the $160.08 level as per the technical speculations.
Moreover, the relative strength index (RSI) has shown a minor bullish divergence in the price momentum. The RSI line reflects strong bullish strength, which follows a golden crossover with the SMA line.
Summary
The Solana crypto price has experienced an opposing rally since March 18, 2024. However, crypto has witnessed an over 25% upsurge in the last few sessions, which intrigues many traders. The current price of SOL crypto is moving upwards. According to the technical speculations, the Solana price can surge to $176.67 if the price breaks above the $160.08 level.
Technical Levels
- Resistance Levels: $160.08 and $211.13
- Support Levels: $118.67 and $94.33
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational purposes only. They do not establish financial, investment, or any other advice. Investing in or trading crypto or stock comes with a risk of financial loss.