- Solana transactions has climbed to its three-month high while its TVL remains near $4.26 Billion
- SOL is currently trading near $144 with a loss of 10% in the value in last one month
Solana is one of the most powerful blockchains which is competing against Ethereum with a better ecosystem. It improves scalability with its innovative consensus model and a better Defi solution for traders. Solana has a block time of 400 milliseconds, and as their hardware gets faster, their network will follow suit. The protocol has a TPS of 2872 while the fees for both developers and users is less than $0.0025.
Solana recently launched Bond, which is a platform for non-crypto businesses to engage with their customers productively. Solana labs has said it will be a seamless experience for the users and they won’t even realize that it is web3.
Meanwhile, the recent tattoo of Rapper Lil Pump of Solana on his forehead has sparked mixed reactions from the crypto community. In a post, he claimed that he had sold all his Solana tokens.
Solana Liquid Staking Platforms Gain Momentum but Active Address Remains Constant
Solana (SOL) has a maximum supply of 578,159,843.58 in which 79.9% is circulating and the rest is non-circulating as per Solscan. Meanwhile, the top 10 holders have 6.58% of the total supply; the top 100 holders have over 22.7% of the total supply. The top 100 holders have shown no significant changes in their holdings in the last seven days.
Solana has a TVL of $4.26 Billion which has been observing a slight decline as per Defillama. The Meteora and Orca platforms of the Solana defi are some of the biggest TVL holders. Meanwhile, Jupiter and Raydium are showing a surge in AMM volume.
The NFTs of the Solana are also gaining popularity lately. Stepen and Madlabs have attracted strong volume with combined holders of more than 14k.
The overall transaction of the protocol has been gaining momentum. It has reached its three-month high of 40 Million. The surge of transactions has also increased the liquidity on the various Solana platforms.
Will SOL Price Hit a High of $250 in 2024?
SOL/USD Chart By Trading View
Solana has a market cap of $66.6 Billion and is ranked 5th in the CMC. The volume of the asset price has declined 53% intraday. SOL price is trading near $144 with a slight loss in the intraday session. It is currently 44% down from its all-time high.
SOL is currently trading in a downtrend channel. It is forming weak bearish candles on the daily chart and is below the 50 and 100 EMAs. The upside trend of SOL could halt near $180 while the support could be near $125.
The RSI of SOL is near 38 with a negative slope. The overall sentiment of the RSI is bearish.
Conclusion
Solana has been seeing a surge in overall transactions while TVL has been stable. The protocol AMM and NFT platforms are gaining strong momentum. SOL is currently in a bearish trend but could reach a new high in the near future.
Disclaimer
This article is for informational purposes only and provides no 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.