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- Solana recently introduced ‘State Compression’ that will reduce the NFT minting cost.
- SOL is currently consolidating but can see a breakout in the future. It is up by 1.16% intraday.
Solana is one of the fastest and secure platforms which has quickly gained a huge audience. Solana can process a huge amount of transactions as compared to others. It also supports smart contracts which makes it a versatile platform for developers. They use a consensus mechanism called Proof of History which ensures the transactions are processed quickly. Solana has staked over 397,437,795.338 SOL with over 71.2% of the total supply circulating in the market. SOL currently has 4008 tps which can increase in the future. Meanwhile, Solana has recently introduced ‘state Compression’ which will reduce the NFT minting cost.
Solana has a market cap of $7.9 billion and is ranked 10th in the crypto-verse. It has a market dominance of 0.68%. Trading volume dropped by 29% intraday. The volume-to-market cap ratio of SOL suggests a consolidated trend in price.
Will SOL Hit the $15 Support?
Solana’s weekly technical chart hints at a consolidation in the price trend.
SOL consolidation may continue in the near future. On the daily chart, it is trading near at around $20.5 with a slight gain in the intraday session. The upside trend of SOL may see a halt near the value of $25. Meanwhile, the downside momentum of the asset price may see a bounceback from $16. It is trading very close to the 50 and 100 day moving averages. There is a negative crossover in the SOL price movement may push price further down. SOL price is currently down by 92% from its all-time high but can see a bounceback in the future.
The RSI of the asset price is near 48 with no slope in it. The overall sentiment of the RSI is neutral for the future.
Conclusion
Solana recently released a ‘state comparison’ which will eventually reduce the NFT minting cost. SOL price has seen a negative crossover which can push the price to a new low in the future.
Technical Levels
Major Support:$16
Major Resistance:$25
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
