- The Solana crypto price has advanced by 18.8% in the last seven days.
- SOL crypto has outperformed 93% of the top 100 crypto assets in 1 year.
Solana, founded by former Qualcomm, Intel, and Dropbox engineers, uses Proof-of-History (PoH) and delegated Proof-of-Stake (dPoS) to achieve high-speed, scalable blockchain performance.
Its native SOL token is used for transaction fees, interacting with smart contracts, and staking. Solana processes up to 65,000 transactions per second.

Price Overview Chart of SOL | Source: CoinMarketCap
In the last few days, the Total Value Locked for the crypto has advanced, resulting in $4.631B. Also, the stablecoin market cap of the crypto is $3.185B, and the market cap value of the crypto is $77.606B.
Derivatives Of Solana Crypto Show Strong Bulls Dominance
The recorded short liquidation for the crypto over the last 24 hours is $4.43M. Despite the huge short liquidation in the crypto, the long liquidation for the crypto is just $1.65M.

Solana Crypto Derivatives Liquidation Chart | Source: Coinglass
The derivatives volume for the crypto has witnessed a decline of 10.07% over the last 24 hours from press time. Despite this, the open interest in crypto has advanced by 6.7%, resulting in $2.23B.
SOL Crypto Technical Analysis
The SOL crypto price has been taking support at a dynamic trendline for more than 3 months and is still trading above the same.

On the 30th of April, 2024, the price of the SOL crypto hit the long-term dynamic support trendline, and the price of the crypto then formed a bullish candlestick pattern on the chart.
It further led to a surge of 30% in the trading price of the crypto since the price hit the support level.
SOL/USD Chart by TradingView.com
The EMAs on the daily chart of the SOL crypto exhibit a strong bullish sentiment as the 50-day and the 200-day EMAs are trading in a golden cross. The price of the crypto is also trading above both the EMAs.
The MACD also gives a buy signal as the MACD and the signal line have advanced to the bullish trajectory and are trading in a bullish cross. The histograms formed on the daily chart are also strongly bullish.
The RSI is also bullish, followed by the RSI advancing above the 50-level and the 14-day SMA. The RSI at press time is at a level of 64, which shows bullish momentum in price.
Summary
Solana has surged 18.8% in the past week, breaking crucial resistance. Strong bullish signals include a 30% price rise from dynamic trendline support, golden cross EMAs, bullish MACD, and RSI at 64. SOL shows potential for further gains with a $77.606B market cap and robust blockchain performance.
The support levels for the SOL crypto are $99.00 and $119.0, followed by the resistance of $210.0 and $250.0.
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.