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- 1 Solana Foundation is currently fighting with the SEC for classification of SOL token as an unregistered security
- 2 SOL price is currently favoring a downside trend in price. It has seen a drop of 16.52% in the intraday session
Solana is a blockchain technology which has seen a mass adoption since then.Solana is designed to facilitate dapp creation. The ecosystem has seen an interest from the retail traders and institutional traders alike.Solana uses proof of stake and proof of history to validate the transactions. Solana is also very energy efficient than the other crypto currencies.
Solana protocol intends to serve both institutions and retailers in a similar way. SOL token has a circulating supply of 549.6 Million and in which 72.5% of it is circulating in the market. Solana has also received praise from the various personalities for its performance.Solana defi has a total TVL of $112.27 Million with highest liquidity and volume on Orca. The average TPS of Sol is near 3754 with an average ping time of 2.12ms. Solana foundation is currently disputing with the sec for classification of SOL as a token.
Solana has a market cap of $282 Million and is ranked 9th in CMC. The volume of SOL has seen a drop of 16% in the past 24 hours. The V/M ratio of SOL suggests a consolidation in price.
Will SOL Hit a High of $20 Soon?
The weekly technical chart of the SOL price suggests a bearish momentum in price. Solana price is forming strong bearish candles in the daily chart. SOL price is currently trading near $14.6 with a drop of 14% in the intraday session.
The upside trend of SOL can see a halt near $18. Meanwhile, the support of the asset price is near $12. SOL price is trading below the 50 and 100 Daily Moving Averages. If a negative crossover happens in the future, it can further push the price down.
The RSI of SOL is below 30 suggesting its presence in the oversold zone. There is a downside slope in it suggesting a bearish momentum in price.
Summary
Solana has been seeing an increase in the TVL in its defi market. SOL price is currently seeing a bearish trend and can see a rebound in the future.
Technical Levels
Major Support:$12
Major Resistance:$18
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
