Solana (SOL) Price Analysis

Solana(SOL) is a high-speed, scalable, and decentralized blockchain designed for building decentralized applications (DApps). Its native coin is SOL. Developed by Anatoly Yakovenko, Solana features proof-of-history (PoH) technology and a proof-of-stake (PoS) consensus mechanism. The blockchain, launched in 2020, is built in Rust and emphasizes scalability compared to Ethereum.

Key features include PoH, Cloudbreak, and Sealevel. PoH eliminates time synchronization issues, allowing for faster consensus. Solana claims a remarkable transaction capacity of 50,000 per second. SOL coin has various uses, including network governance and fee payment. SOL holders can be validators or stake their coins for rewards.

The price of Solana (SOL) has declined today!

SOL price is currently trading at $101.10 with a 24-hour trading volume of USD  $5,467,100,911.84. The price of SOL decreased by 6.80% in the past 24 hours and decreased by 3.30% in the last 7 days. The total circulating supply of SOL is 430 million. The total market cap of SOL is $43,469,279,376.

Price Analysis

Broken marked major rectangular horizontal resistance zone and pumped 211%

Now currently, it has successfully retested weekly major trendline support, if worse comes worse, if it breaks this, it will fall violently.

Following a bullish breakout from the rectangular, the price reached a high of $125; however, it became very overbought, with a Relative Strength Index (RSI) of 83, and it retreated on profit taking.

A pullback to the near $100 support level could be a bullish entry in the Uptrend, and the upside potential could be back to $125, with a stop loss (SL) level of $94.

The nearest Fibonacci retracement level (potential support) is $103, and the nearest resistance level is $80, with an RSI of 55 (bullish). The momentum is mixed, with the MACD Line below the MACD Signal Line, but the RSI > 55. The support zone is $100, and the resistance zone is $125. Set a price alert.

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Historical price

As of the latest data, Solana is priced at $101.10, holding the 5th position in the cryptocurrency market. The 24-hour trading volume is $5,467,100,911.84, with a 6.80% decrease in the past day and a 3.30% decrease in the last week. The circulating supply of SOL is 430 million, contributing to a market cap of $43,469,279,376.

Over the past 24 hours, SOL has experienced a $12.17 decrease in its value. Despite the recent dip, Solana has demonstrated a positive trend over the last 7 days, with a 10.71% increase. Notably, in the past month, SOL has surged by an impressive 58.74%, adding $57.11 on average to its current value. This substantial growth suggests a potential opportunity for investment, given its recent strong performance.

The highest Solana price ever recorded was $259.96 back in November 2021, which is about 2 years ago. The Solana price is currently -61,10% below the record high price.

The lowest Solana (SOL) price paid for a product was $0.50821, recorded on  May 2020 (more than 3 years ago). The current Solana price is 20.112, which is 10.10% above the previous low price.

News Roundup

• Anatole Yakovenko, co-founder of Solana, contends that Solana outpaces Ethereum in terms of speed, cost-effectiveness, and security, providing strong competition to the leading smart contract platform in the world.
• A surge of thousands of new tokens is inundating Solana, with traders seeking the next 1,000x opportunity, fueling a memecoin craze on the platform.

 Price prediction

Crypto experts predict that the average SOL rate in January 2024 will be around $101.03. The expected range for SOL prices is between $97.37 and $104.68, depending on the fluctuations in Solana’s price throughout 2023. This projection indicates a potential return on investment of -1.3%.

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Conclusion

Solana (SOL) is a fast blockchain for decentralized apps, currently priced at $101.10 with a 6.80% 24-hour decrease. Despite recent dips, SOL increased by 10.71% in 7 days and 58.74% in the last month. The highest recorded price was $259.96, -61.10% from the record high. Experts predict an average price of $101.03 in January 2024, signaling a potential return on investment of -1.3%.