- An advance of 11.96% in SOL crypto price has been observed during the weekly trading session.
- Moving averages reflect a strong bullish signal in the current trading phase.
- Solana’s current market cap has risen 7.21% during the intraday session.
Solana (SOL) is an open-source protocol that provides decentralized finance (DeFi) solutions. The project uses a combination of proof of History (PoH) and Proof of Stake (PoS) consensus mechanisms to improve the scalability of the blockchain. Conversely, the SOL crypto price experienced an opposing rally in April 2024, which resulted in a decline of 37.41%. In the current month, the price is recovering from the bearish remarks of the previous month.
Solana May 2024 Performance, Supply Changes, Valuation, and Distribution
Solana crypto has an unlimited supply of tokens, meaning there are no limits for mining tokens yet. Over 448 million SOL tokens are circulating in the market, which holds a market cap of $68.76 billion. Solana has placed itself among the top 5 most influential cryptocurrencies across the globe.
In the last 7 days, the crypto price has increased over 12%, which outperformed the global cryptocurrency market by 12.20%. It also outperforms similar FTX holdings cryptocurrencies compared to the last 7 days statistics. Conversely, the Solana community shows 82% bullish feelings today.
The initial distribution of the Solana (SOL) tokens is broadly categorized in 8 ways following as;
- 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) Crypto
The longer outlook implies above the key exponential moving averages on the bullish side. The current price has rebounded the 50-day EMA from below, indicating the continuation of the bullish trend.
SOL price has experienced a bullish correction period from the $211.13 resistance. The price followed a trendline while having a correction period. On closer inspection, the buyers have shown their strong presence from the $118.67 decisional point of interest (POI). Consequently, the price reflected an almost 29% upsurge from that POI, indicating a bullish outlook for the current crypto price.
The relative strength index (RSI) has shown a bullish divergence in the price momentum. Both RSI and SMA lines had a golden crossover, which indicates a potential shift toward bullish momentum.
Summary
The long-term outlook suggests a bullish trend in the Solana crypto price. The bullish correction period seems to have ended at the current phase by the breakout of the trendline forming above in the chart. The breakout reflects a potential sign of a bullish continuation. As per the technical speculations, SOL crypto may continue a bullish trend.
Technical Levels
The immediate resistance for SOL price at the time of writing was $176.67, while the $118.67 level is the next support. An upsurge in crypto price can be expected if the price can make past the upper resistance level. Similarly, a drop below the aforementioned can lead to a price pullback to the lower levels.
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.