Solana Price Prediction: SOL Trading Sideways After Slipping!

Solana price prediction showcases the consolidation phase of SOL crypto price after slipping from the recovery channel.
SOL crypto price has dropped below 20, 50, 100 and 200-days Daily Moving Average.
Solana price needs to break out from the upper price range of the consolidation phase to start surging.

Solana price got dropped from the interesting recovery channel on 24th February and is sideways inside the horizontal range-bound area. SOL crypto price is under the influence of sellers as it is dipping towards the lower price range of the consolidation phase. Meanwhile, Solana needs to attract more buyers during the day’s trading session for SOL crypto to revert back towards the upper price range.

Solana price was at $20.48 and has lost 0.73% of its market capitalization during the day’s trading session. Trading volume has decreased by 23.22% during the intraday trading session. This demonstrates that sellers are trying to pull the SOL crypto price towards the lower price range. Volume to market cap ratio was at 0.02241.

Solana Ecosystem and its Utility

Solana is a high-performance blockchain ecosystem designed to support decentralized applications and provide a scalable and fast platform for developers. Solana’s unique approach to consensus and network architecture has allowed it to achieve high throughput and low transaction fees, making it a competitive alternative to other blockchain platforms.

The Solana network is powered by a proof-of-stake consensus mechanism that allows for fast transaction confirmations and high network throughput. It uses a system of parallel processing that allows multiple transactions to be processed simultaneously, resulting in a high transaction throughput of up to 65,000 transactions per second.

The Solana ecosystem provides developers with a suite of tools and services that enable them to build decentralized applications (dApps) with ease. It supports programming languages such as Rust, C++, and JavaScript, making it accessible to a broad range of developers.

Solana’s technology also includes the Solana Runtime, a programming environment that enables developers to deploy and execute smart contracts on the Solana blockchain. Additionally, Solana offers its own native token, SOL, which can be used to pay for transaction fees and other services on the network.

In addition, Solana’s unique approach to consensus and network architecture, combined with its suite of developer tools and services, make it a promising blockchain ecosystem with high potential for scalability and utility in the decentralized application space.

Solana Price Prediction: Technical Analysis!

Solana price prediction suggests the sideways momentum of SOL crypto inside the horizontal range-bound area over the daily time frame chart. Trading volume can be seen under full influence of sellers and needs to grow during the day’s trading session. Meanwhile, SOL crypto price has dropped below 20, 50, 100 and 200-days Daily Moving Average.

Technical indicators suggest the sideways momentum of SOL cryptocurrency. Relative strength index showcases the consolidation phase of Solana price inside the range. RSI was at 46 and is below neutrality.

MACD exhibits the downtrend momentum of Solana price inside the consolidation phase. The MACD line is crossing the signal line downwards, registering a negative crossover. Investors in Solana need to wait until the SOL crypto price breaks out from the upper price range of the consolidation phase.

Summary

Solana price got dropped from the interesting recovery channel on 24th February and is sideways inside the horizontal range-bound area. The Solana network is powered by a proof-of-stake consensus mechanism that allows for fast transaction confirmations and high network throughput. Technical indicators suggest the sideways momentum of SOL cryptocurrency. Investors in Solana need to wait until the SOL crypto price breaks out from the upper price range of the consolidation phase.

Technical Levels-

Resistance level- $21.60 and $24.05

Support level- $19.60 and $19.50

Disclaimer-

The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and 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 his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing