 is an open-source protocol designed to facilitate the creation of decentralized apps (dApps).){kind=link}
- The SOL crypto price has reflected an upsurge of almost 25% from the $118.67 bullish point of interest (POI).
- An increase of 67.89% has been observed in the Solana crypto volume in the last 24 hours.
- The all-time high price of SOL crypto stands at the $260.06 level.
Launched in March 2020, Solana (SOL) is an open-source protocol designed to facilitate the creation of decentralized apps (dApps). It uses a proof of history (PoH) consensus combined with a proof of stake (PoS) consensus of the blockchain to improve scalability.
In Feb and Mar 2024, SOL Crypto delivered a collective return of almost 90%. However, a downfall can be seen in the crypto price in April 2024 due to the initial profit bookings. In the current month, the price seems to be slowly recovering.
Solana Crypto, Performance, Supply Changes, and Valuation May 2024
A significant change in the SOL crypto price was observed on March 6, 2024. The cryptocurrency surged over 65% from the $125.48 price level. Subsequently, the price reached the $211.13 resistance level and entered a bullish correction phase. It fell on the $126.40 demand zone, which holds the possibility of a potential reversal.
The Solana crypto price has been underperforming the global cryptocurrency market and similar FTX holdings for the last seven days. However, the crypto ranks under the top 5 most dominant cryptocurrencies. Currently, 448 Million SOL tokens are circulating in the market, worth $65.47 Billion.
Price Volatility & Social Dominance Analysis
In mid-March 2024, the Solana social buzz reached over 11%, along with the price and high volatility. On a broader outlook, the social rise in tweets positively impacted the price in every attempt.
However, heavy selling happened in crypto after April 9, 2024, resulting in high price volatility. Social dominance has been slowly rising, currently covering 4.06%. The price has also increased, and the volatility remains stable at 0.013.
Technical Analysis of the Solana (SOL/USD)
The wider outlook lies above the key exponential moving averages on the bullish side. However, the current price slipped between the 50-day and 200-day EMAs, indicating uncertainty in the short term.
The SOL price has given a breakout from the $126.40 resistance level. The price rallied over 65% to the $211.13 resistance level and fell to the $126.40 current demand zone.Â
When writing, the price showed an almost 25% bullish move from the $118.67 key level. It reflected the increasing interest of buyers from that level. As per the technical speculation, the crypto reflected a bullish outlook in the current phase.
The relative strength index (RSI) has shown a bullish divergence in the price momentum, indicating a potential shift in strength. The RSI line was moving at 49.20 above the SMA line.
Summary
After experiencing strong buying on March 6, 2024, the Solana crypto price has entered a bullish correction phase. Subsequently, the correction phase seems to be ending due to the current sideways moment of the SOL price. Regarding the technical speculation, the current price indicates a bullish view.
Technical Levels
At the time of writing, the $160.08 level was the immediate resistance for the SOL price, while the $118.67 level was the next support. Any price moment above and below these mentioned levels may lead the price in that direction.
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.
