- Solana’s ranking in terms of Total Value Locked (TVL) is 10th.
- Solana recorded a relatively modest count of 99,953 24-hour users.
- SOL’s 24-hour trading volume decreased by 5.87% compared to the previous day.
Solana (SOL) became a hot topic on Twitter today following a sarcastic remark made by Adam Cochran, a renowned cryptocurrency investor and professor, in response to a post by the financial manager, “macbrennan.” Macbrennan had claimed that Solana had the highest number of users among all blockchains.
Cochran expressed a differing viewpoint regarding the Ethereum-killer, citing DefiLlama data that revealed Solana’s ranking as 10th in terms of Total Value Locked (TVL) and 9th in terms of 24-hour user activity in the recent day. It is worth noting that Solana recorded a relatively modest count of 99,953 24-hour users, whereas other blockchain networks, such as Tron, boasted user figures exceeding a million.
SOL’s 24-hour performance failed to distinguish itself from other cryptocurrencies, experiencing a decline of over 3% in its trading value. As a result, SOL’s current valuation stands at approximately $22.71. Furthermore, the 24-hour trading volume for SOL amounted to $378,487,370, reflecting a decrease of 5.87% compared to the previous day.
The altcoin experienced a disappointing weekly performance, declining over 9%. With a market capitalization of $9,184,297,176, SOL secured its position as the 9th largest cryptocurrency, sandwiched between Dogecoin (DOGE) at 8th place and Tron (TRX) at 10th place.
From a technical standpoint, SOL’s price was currently hovering around the 50-day Exponential Moving Average (EMA) line. This comes after a recent decline below both the 9-day and 20-day EMA lines within the last 48 hours. If the price of this altcoin falls below this crucial technical indicator, there is a potential risk of it dropping to $21.45 within the next 24 hours.
Persistent selling pressure may further drive down the price of SOL to $18.25 in the upcoming week. Nevertheless, if SOL manages to conclude today’s daily candle above the 50-day EMA line, it would negate the bearish outlook. In such a case, the cryptocurrency’s price could ascend towards the next significant resistance level at $26.00.
It is important to observe that the 9-day exponential moving average (EMA) line is currently attempting to intersect below the 20-day EMA line. If this intersection occurs, it could activate a bearish technical signal, indicating a possible decline in SOL’s price over the upcoming days.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
