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- 1 Solana active wallets has seen no significant changes in the past one month.
- 2 SOL token price is currently observing a recovery on the daily chart. It has seen a drop of 0.2% in the past 24 hours.
Solana protocol “Ethereum killer” is one of the most used blockchain for the Dapp creation. Solana has a hybrid consensus model which benefits small to big traders similarly. The protocol has a relatively short processing time which makes it useful for the creation of dapps. It is also the platform for various NFT and Defi applications. SOL token has observed strong growth in the bull rally, hitting a high of $260. It is currently down by more than 93% from its all time high.
Solana has a TPS of 4371 and has a total of 1884 active validators. The average blocks created per day on the protocol is near 180k and has remained constant for the past three months. The number of active wallets on the network peaked in April 2023 and has now declined to 243,831. Meanwhile, price of the Solana based meme coin BONK surged by more than 26% in the last 24 hours.
Solana Open Interests has been surging and has reached to 160 Million. The recovery in the OI may reflect back to the price in near future. SOL has also been seeing an increase in the bullish sentiment.
Will Solana (SOL) Price Recovery Continue?
Solana has a market cap of $7 Billion and is ranked 9th in the CMC. SOL token is currently looking to recover after a downfall. SOL price is currently near the value of $17 with a drop of 0.67% in the intraday session. The token price is currently below the 0.51fib which can act as a resistance in case of an upside trend. The bullish momentum of the token can see a halt near the value of $20.Meanwhile, the support of the asset price can be seen near $15. SOL is currently trading below the 50 and 100 Daily Moving Average. If the price jumps above the DMA then a strong upside momentum can be observed.
The RSI of SOL is near 48 with an upside slope in the indicator. The overall sentiment of the RSI is bullish in nature.
Summary
Solana has been seeing a slight rise in the TVL and active users. SOL token is currently looking to recover for a new high in the future.
Technical Levels
Major Support:$15
Major Resistance:$20
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.
