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Solana [SOL] Gets Sucker Punched By Bear as Supports Shatter

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The new week was not kind to the cryptocurrency market as price points and daily trading volume continued to plummet. Bitcoin’s inability to hold above the $50k mark trickled down to the other alts as well. Solana [SOL], currently 7th on the charts, fell hard in the hourly spectrum as its compatriots fared better.

At press time, Solana was trading for $132.01 while its market cap struggled to go above $40 billion. The 7.5 percent hourly dip played a major role in lowering the daily trading volume to $4.8 billion. Over the past 7 days, Solana fell by a whopping 18.2 percent. On Wednesday, Solana’s market cap was approximately $4.5 billion lower than the sixth-placed XRP.

Solana 1 hour:

sol 1 hr 3

Solana’s bearish price action since the 18th caused it to dip to current levels. The immediate support was formed last night at $121, a $10 drop-in 24 hours.

Parabolic SAR: The markers stayed below the price candles after a see-saw movement throughout the week. According to the indicator, the buying momentum in the Solana market had reduced considerably.

Relative Strength Index: The RSI moved on the zero line which meant that the number of people selling their SOL tokens was equal to the HODLers. In the last 10 days, the RSI has only hit the oversold zone threshold once.

MACD: The zero line and the MACD line moved towards each other after converting earlier. Another convergence could be expected soon if the histogram continues to blink green.

Solana 1 day:

sol 1d

Long term support was maintained at $69, a mark Solana bad hit in August. Since then the price has only steadily increased with the latest crash wiping out almost all of September’s gains.

Relative Strength Index: Solana’s daily RSI actually spiked upwards as more users bought into the ecosystem. One could hypothesize that users were “buying the dip” so that they can profit when the token rallies.

Parabolic SAR: The markers here were similar to the hourly spectrum. Solana’s price action would have to reverse to inject some bullish momentum into the ecosystem.

MACD: After converging on September 24th, both the signal line and MACD line diverged from each other. The bear sided with the indicators with the MACD histogram changing its tune to red.

Solana [SOL] plunges after Denial-of-Service attack

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Solana, the rapidly growing Ethereum competitor, suffered a denial-of-service disruption. A Twitter account called ‘Solana Status’ updated the community that the layer one blockchain protocol’s mainnet beta had been suffering intermittent instability for quite some time. Solana reportedly encountered the problem due to a massive surge in transaction load to 400,000 per second that flooded the network to create a DoS attack and trigger forking.

The tweet regarding the same read,

“Solana Mainnet Beta encountered a large increase in transaction load which peaked at 400,000 TPS. These transactions flooded the transaction processing queue, and lack of prioritization of network-critical messaging caused the network to start forking.”

According to the announcement, the subsequent forking resulted in excessive memory consumption, leading to some nodes going offline. Solana Status revealed that despite engineers across the ecosystem trying to stabilize the network, the attempt was unsuccessful. The community elected validator then resorted to restarting the network.

“The Solana validator community successfully completed a restart of Mainnet Beta after an upgrade to 1.6.25. Dapps, block explorers, and supporting systems will recover over the next several hours, at which point full functionality should be restored.”

Hours later, Solana Status confirmed the successful competition of the network’s Mainnet Beta restarts by the validator community after an upgrade to 1.6.25. It further stated that decentralized applications [DApps], block explorers, as well as supporting systems would recuperate in the next several hours, at which point full functionality should be restored.

Solana [SOL] sees double-digit correction

SOL 7D graph coinmarketcap

The native SOL token had been one of the best-performing assets this summer. SOL had earlier decoupled from top crypto-assets such as Bitcoin and Ethereum to rally and climb to the 7th spot on the leaderboard. However, after an astounding rally during the 2021 summer, the token formed lower lows on the chart depicting a fading momentum.

The latest blockchain outage further dragged the token down. Just hours after the development, SOL lost more than 15% falling from $170 to $144. Since then, SOL has managed to recover to the press time price of $164.

Solana witnesses NFT sale of Degen Ape worth $1.1M

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The prominent layer one solution, Solana, is one fire. The blockchain witnessed its first-ever million-dollar non-fungible token [NFT] sale of Degen Ape.

Both NFT and Solana ecosystem has been bustling with activity like never seen before. In the latest development, the blockchain advisory and investment partnership firm Moonrock Capital announced the purchase of the Solana-based NFT for a whopping 5,980 SOL, which is roughly worth $1.109 million. Its tweet regarding the same read,

Solana’s Degen Ape #7225 happens to be one of the Degenerate Ape Academy NFTs listed as the 13th rarest in the collection. The NFT features a zombie version of an ape that is scarred all over its face and body. It also has a halo on top of it, a gold tooth, and a brain squished in its mouth.

Solana at the forefront of the market

Nevertheless, Solana has had a wild run this summer. It has observed a meteoric rise in terms of the price of its native crypto SOL. Despite the tremendous success, it couldn’t escape the technical difficulties facing NFTs released on the blockchain. All in all, the project has been at the forefront.

It continues to dominate crypto conversations even as the broader market was stuck in a southbound price movement. Over the past week alone, SOL clocked in gains of 27.05% amidst market-wide rout. The rise also coincided with the launch of NFT Degenerate Ape Academy, created on Solana blockchain on August 15. At the time of writing, the sixth-largest crypto asset was priced at $179.69.

The Andreessen Horowitz-backed platform’s spectacular growth can be attributed to the spike in investors’ interest in Ethereum’s rival blockchains with decentralized finance, NFT, and smart contract offerings. Its emergence as a stiff competitor to Ethereum can be evidenced by the $12.09 billion in TV, according to DeFi Llama’s latest stats. The latter’s TVL figures, on the other hand, have taken a significant plunge as gas fees hiked.

Solana

Solana [SOL] Price Hike Hits Brakes As Reddish Hue Sets On Crypto Market

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Solana’s meteoric rise over the past few weeks put it on the map with a rush of new investors further elevating its market cap. The cryptocurrency seemed to ignore bearish signals earlier after SOL hit all-time highs. As the week comes to a close, SOL’s weekly gains were wiped off as it became the biggest loser in the top 10 cryptocurrency club.

In the past 24 hours, Solana witnessed a 15.2 percent dip in value as the token traded for $178.07 on Friday. If Solana’s weekly gains were compared with the rest of the market, it would ironically emerge as the biggest gainer. Solana also saw it’s daily trading volume dwindle to $9.18 billion after a hectic week on the floors.

Solana 1 hour:

sol 1 hr 1

With the immediate support near the $155 mark, Solana was still some ways off from breaking it. Technical indicators showed a bearish bump in the market as the momentum shifted downwards.

Relative Strength Index: Solana’s RSI fell towards the oversold zone after a change in investor sentiments. The sudden drop pushed more holders into selling their assets.

MACD: The short term MACD crashed below the histogram as the signal line and the MACD line diverged from one another. Solana’s MACD histogram continued to blink red as the amplitude increased.

PSAR: Markers stayed above the price candles as the sentiment stayed bearish.

Solana 1 day:

sol 1 day 1

In the long term, Solana broke away from its bullish pattern after the formation of two consecutive red candles. This had happened for the first time since the end of July. Solana’s long-term support stayed near the $70 mark with indicators pointing to a slowdown.

Parabolic SAR: The markers here were below the price candles as the current bear run wasn’t enough to disrupt the strong uptrend. A third red candle formation could possibly lead the markers to jump above the candle.

Relative Strength Index: As more people bought Solana in August, the graph stayed above the overbought threshold.

MACD: The signal line and the MACD line moved upwards in tandem, signaling a bullish overturn. According to the MACD histogram, the atmosphere was still bullish for traders to jump into the market.

Solana [SOL] positions itself as the 6th-largest crypto-asset after surpassing XRP

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Solana [SOL] has emerged as one of the hottest cryptocurrencies of late. The abrupt plunge in Bitcoin’s [BTC] price dragged the entire market into a sea of red. A sentiment of uncertainty has engulfed the crypto world. Investors expect bearishness in the next couple of trading sessions as top alts flashed sell signals. But not Solana.

SOL managed to weather the storm and record massive weekly gains of 78.88%. As a matter of fact, the crypto-asset was up by 35.64% over the past day alone. It was now trading at $208.5, according to the latest data on CoinMarketCap. Boasting a total market cap of $60.84 billion, SOL even blasted past XRP and was now the sixth-largest cryptocurrency. This comes just a day after it surpassed popular meme-coin Dogecoin [DOGE] to position itself on the 7th rank by market cap.

Among the top 10 cryptocurrencies, Solana was the best-performing asset as it decoupled from Bitcoin. XRP and DOGE, on the other hand, have failed to no impressive rallies as they continued closely mimick the price action of the king coin.

SOL 1M graph coinmarketcap

NFT boom backing Solana’s rally?

With a massive parabolic run-up, SOL’s price continued to exceed all expectations. One of the main drivers is the thriving sector of non-fungible tokens of NFTs. A major chunk of NFT-related transactions occurs on the Ethereum blockchain. However, the network suffers from higher congestion and inflated gas fees which has paved the way for alternative layer one solutions to take the stage.

Solana is one of them. Owing to its public base-layer blockchain protocol that aims to address inefficiencies and eliminates Ethereum’s performance bottlenecks, the SOL ecosystem and its reduced gas fees have catalyzed its case as an emerging player in the NFT space. Additionally, Solana’s integration with the NFT marketplace of the prominent crypto derivatives platform FTX has further strengthened its position in the industry.

Solana Continues it’s Rocket Ship Ride as New All-Time High Gets Set

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Solana [SOL], has emerged as one of the biggest winners of the past week and saw massive double-digit gains. The new week started with a spark for cryptocurrencies all across the charts as prices blinked bright green. While Bitcoin was sitting pretty above the $51k mark, the altcoins were pulling their own weight by ascending.

At press time, Solana was trading for $145 with a total market cap of $42.4 billion. The spike becomes apparent when one compares Solana’s price point just a month ago. Back in August, Solana was trading for a lowly $26.6 after which the cryptocurrency saw a price and rank boost on the charts. A 43 percent weekly climb elevated SOL’s market volume to $3.143 billion.

Solana 1 hour:

  • sol 1 hr

Solana’s performance in the hourly spectrum has been consistent for the past 72 hours. Price action pointed to a cryptocurrency in the throes of a battle between the bull and the bear. SOL’s immediate support clocked in at $115 while the green candles dominated over the past day.

Relative Strength Index: The RSI dipped slightly from the overbought zone, indicating a change in holding behavior. There was no immediate reason to panic as the investors continued to remain bullish.

Chaikin Money Flow: SOL CMF climbed strongly above the zero-line to show that the capital coming into the market was more than the outflow.

Parabolic SAR: The markers holding below the price candles was a ticker for the rising momentum in the SOL ecosystem. The PSAR’s bullish lean was helped along by solid green candles.

Solana 1 day:

sol 1 day

In the long term, it was clear that SOL was hitting cruise control to set new all-time highs. The cryptocurrency’s current price point of $145 is the highest it has ever reached with indicators showing more sustained pushes.

Relative Strength Index: SOL’s RSI was above the overbought threshold, settling at its highest point ever. All-time highs have contributed to the largest influx of users into the Solana ecosystem.

Parabolic SAR: With red candles barely able to make a dent in Solana’s price action, the Parabolic SAR markers continued to stay under the graph. The markers only blinked bearish once in the last month.

Chaikin Money Flow: Solana’s CMF formed a K-shaped graph after a sudden spike in investments. The strong bullish sentiment was accentuated by the fact that the last time the CMF fell below the zero line was in the middle of July.

Solana [SOL] may have topped out but retail euphoria is yet to diminish

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Solana has enjoyed its growing dominance over the past several weeks. So much so that its native SOL token has managed to outperform the giant Uniswap’s UNI to become the latest entrant in the top 10 crypto-asset by market cap.

At a market cap of over $20 billion, SOL was trading just below Polkadot [DOT]. It has led the altcoin market after a stunning rally of more than 70% over the past week and hitting a fresh peak of $74.31. While the ongoing bullish trend appeared to have hit a minor slump and the asset seems to have topped out but the latest charts still suggest a growing retail euphoria about the coin in the market.

According to the cryptocurrency blockchain analytic platform, Santiment‘s data from 1000+ social channels, SOL-related mentions have peaked in the past 48 hours. The firm also noted that SOL emerged as the top word on its Social Trends today on the 18th of August, even surpassing “Taliban” and “Afghanistan” as the digital asset continued to gain more ground on crypto social media than any other narrative in the crypto market.

SOL3

Santiment also added,

“Unsurprisingly, the average mood of these mentions is now overwhelmingly positive, as Solana’s Weighted Social Sentiment already sits at its highest level since March. According to several backtests of our social metrics, a top 3 placement on our Social Trends + extremely bullish sentiment are both common markers of market euphoria and, by proxy, approaching price tops.”

Solana’s gains isn’t unreasonable

The Solana blockchain has emerged as one a leader in the crypt market. It centres around speed, efficiency and security and facilitates time and cost-efficient transaction processing as opposed to the Ethereum blockchain. This has been a major factor driving users to decentralized applications such as non-fungible token [NFT] marketplace Solanart, built on the SOL network.

The crypto-asset has long blasted past the top coins such as Bitcoin and Ethereum several times this year. Market players have generated approximately 1,900% in profits owing to SOL’s price action.