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- SOLANA is currently struggling to break out of the resistance of $50. It is currently trading near $35 with a gain of 0.35% in the intraday session.
- Technical indicators of SOL are favoring the bears.Meanwhile, SOL/BTC pair has seen a loss of more than 0.25%
Solana is an open source project that uses blockchain technology permissionless nature to provide defi solutions.The project began in 2017 but was officially launched in 2020 in Switzerland. A group of Solana based protocols are pushing to maintain crypto communications through open-sourced standards that will break down the data silos between projects and chains.The ROI of the project is 15864%. The market dominance of the SOLANA is 1.19%
Solana has a circulating supply of 349,251,124.79 SOL. The current volume of the asset has seen a fall of 8.8% in the intraday session. The current market cap of the asset is $12,255,084,608 and is ranked 9th in the CMC.
Technical Indicators Of The SOL Are Favoring The Bears
The weekly technical chart of the Solana suggests a consolidated momentum in price. The daily chart of the SOL suggests a downside momentum in price. The asset price is currently trading below the 100 and 200 Daily Moving Average. If the SOL price jumps above 100 DMA then a strong momentum in the price can be seen. The upside trend of the SOL can see a halt near $50. Meanwhile, the bounceback can be seen near $30
RSI: RSI of the crypto asset is near 38 suggesting its presence in the oversold zone. There is a negative slope formation which suggests a downside trend in price. The overall sentiment is neutral for the asset.
Conclusion
Solana is one of the most talked crypto asset in the current market. It is currently seeing a consolidated trend and can see a new high in the future.
Technical Indicators
Major Support:$30-$28
Major Resistance: $50-$53
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
