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Solana is a rapidly growing cryptocurrency network that has been gaining much attention lately. It was founded in 2017 and aims to provide a fast and secure platform. The network is built using a consensus algorithm called Proof of History. It combines both the elements of PoS and PoW. Solana has a very high transaction speed which is faster than various cryptocurrencies. It can handle high volumes which makes it suitable to develop dapps for gaming and more. It uses sharding which splits the blockchain into smaller parts to increase throughput. It has also low transaction fees which makes it suitable for transactions. Solana Open interest has been observing a consolidation over the past few days. It is currently near $237 Million but may observe an increase in the future. SOL social engagement has also been seeing a drop in the past few days. SOL may observe a strong increase in the near future.
Solana has a market cap of $8.5 Billion and is ranked 10th in the crypto-verse. It has seen a drop of 35% in the intraday session. The volume-to-market cap ratio of SOL suggests a consolidated trend in price.
Solana Bears Pushing Price Down
The weekly technical chart of Solana suggests a struggle between the bears and bulls. On the daily chart, it is forming a strong bearish candle in the daily chart. SOL is currently trading near the value of $21.79 with a small drop in the intraday session. It is trading below the 50 and 100 Daily Moving Averages. There can be a negative crossover in the future which can push the asset price to a new low. The upside momentum of SOL can see a halt near the value of $25.Meanwhile, on the downside trend, the asset price can see a bounceback from $20.
The RSI of the SOL is near 46 suggesting its presence in the neutral zone. There is a downside slope in it hinting toward a bearish momentum
Conclusion
Solana OI and social engagement have been seeing a decline over the past few days. SOL is currently consolidating but can hit a new high in the future.
Technical Levels
Major Support:$20
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 do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
