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- 1 Solana token lost more than 10% weekly and approximately 38.98% in a year.
- 2 Solana-based Parrot Protocol announced the redemption of PRT tokens for liquid treasury value.
Solana (SOL) is one of the most popular high-utility tokens known for its scalability and high-speed transactions. SOL tokens lost more than 10% weekly and approximately 38.98% in a year.
In the 52 week time frame, the Solana token lowest traded at $8.00, while its highest trading price was $48.38. On July 14, SOL traded at $32.15, which is 34.26% higher than the price at press time.
At press time, the utility token was trading at $24.40. It opened trading at $24.76, dipped to $24.07, hit a high of $24.83, with a trading volume of 578.352k, constitutes of sellers.
According to market analysts, the SOL price might have been affected by the recent decisions of Parrot Protocol to redeem PRT tokens for liquid treasury value and also to transition to a no-token protocol. The PRT redemption price was established at $0.0045 per token based on the proposal.
Relevant data shows that Parrot Protocol is a Solana-based liquidity network offering borrowing and lending services. At press time, data from DefiLlama revealed that the Total Value Locked of the protocol was $8.93 Million.
Regarding market capitalization, Solana holds the 9th position, and its market cap is $9,857,976,182. Moreover, SOL is the 13th most traded token in terms of trading volume, although a steep decline of 15.61% can be observed in its trading volume.
Solana (SOL) Token Price Analysis
After analyzing the chart pattern, it is noticed that a sudden drop of 5% in SOL prices is caused by strong bearish momentum in the short-term. This means that investors are investing money for the short-term and then withdrawing the stakes.
However, Solana has also managed to maintain investors’ interest in the long-term, and other fundamental aspects remain unchanged. The number of active addresses on Solana has multiplied 10x over the past 12 months, showing its strengthening network effects.
It is assumed that the SOL price might surge positively if buyers succeed in overruling sellers in the upcoming sessions. The immediate resistance of the Solana token is $32.51, and if buyers push the prices in a positive direction, it might trade at around $38.77.
At the time of publishing, the leader of all cryptocurrencies, Bitcoin (BTC), was trading at $29,783 with an intraday trading volume of $10 Billion. Earlier this week, BTC was holding the first position in the market and was the most traded token/coin, but it was recently surpassed by Tether (USDT).
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only and 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.
