Over the past few trading sessions, the Solana price has been lacking direction.It is currently showing a bearish trend.The daily chart indicates that SOL has lost almost 4% of its value.Over the past week, it has fallen by 5%, erasing most of its gains due to the recent decline in price.Additionally, the technical outlook for Solana is bearish.Demand has been falling as buyers have stayed away.
SOL also depicted negative accumulation at the time of writing.Although SOL is currently heading in a bearish direction, there is still potential for a rally if it breaks through its overhead resistance level.However, this will require a return of demand for the altcoin and consistent trading of Bitcoin above the $28,000 mark.Continued consolidation for SOL could lead to a loss of its current support and a subsequent drop in value over future trading sessions.
The market capitalization of Solana has also decreased, indicating increased selling pressure on the daily chart.Solana Price Analysis: One-Day Chart At the time of writing, Solana was priced at $21.57.
Its overhead resistance level was identified at $23.30, which also serves as crucial as it has previously acted as a sell zone for the coin.If SOL manages to surpass this resistance level, it could potentially reach $26.
This will result in a price appreciation of almost 22%.Conversely, a decline from the current price level would push Solana down to $20 and eventually $18.The trading volume of Solana in the last session decreased, indicating a drop in demand for the altcoin at the time of writing.It is important to note that breaching the $23.30 resistance level would require a resurgence of demand for SOL.Technical Analysis Over the past week, demand for the altcoin has remained low, causing buyers to lose confidence, especially after its fall from the $23 level.At the time of writing, the Relative Strength Index indicated that selling strength had surpassed buying strength, as it was below the 50 mark.Additionally, SOL dropped below the 20-SMA line, signaling that sellers had taken control of the market.
However, there is still a possibility for a bullish market if buyers make a slight push, allowing Solana to rise above the 50-SMA line.This move could attract more buyers and revive confidence in the altcoin.On the one-day chart, SOL showed sell signals that are consistent with other technical indicators.
The Moving Average Convergence Divergence, which reflects price momentum, has formed red histograms that indicate sell signals for the altcoin.This signals a bearish price trend.Furthermore, the Directional Movement Index (DMI) is negative, with the -DI line (orange) positioned above the +DI line (blue).Additionally, the Average Directional Index (red) has fallen below 20, indicating a weakening direction in the current price.Featured Image From UnSplash, Charts From TradingView.com Leave a Reply [Cancel reply](/solana/solana-can-rally-over-20-if-it-breaches-this-level/#respond) Leave a Reply – The Solana Foundation announced a $1 million fund for AI and launched a ChatGPT plugin.- SOL’s development activity increased while its open interest registered a decline.
Solana witnessed a decline in the number of active accounts in terms of fee payers over the past 90 days.A decline in the number of fee payers directly affects a network’s revenue.
However, Solana made a few efforts recently to improve the blockchain, which can help change the current scenario.Read Solana’s Price Prediction 2023-24 Solana enters the AI space In a 26 April tweet, the Solana Foundation announced a $1 million fund for small-scale grants exploring the intersection of the Solana blockchain and AI.Both new and ongoing projects are eligible for the funds, which range from $5,000 to $25,000.
1/ Today, the Solana Foundation announces a $1m fund for small-scale grants exploring the intersection of the @Solana blockchain and AI.The grants range from $5k to $25k, and both new and existing projects are eligible.Learn more 👇 — Solana Foundation (@SolanaFndn) April 25, 2023 The program will drive new innovations related to AI technology and, in turn, help increase the capabilities and offerings of the Solana blockchain.To be eligible for a grant, the tool or app must be publicly available for others to use, open-sourced, and have source code available to the Foundation.Solana launches ChatGPT plugin As a part of the AI initiative, Solana Labs created an open-source reference implementation for a ChatGPT plugin.
The newly developed plugin will provide a unique capability to the Solana blockchain, as users will now be able to search the blockchain using the AI chatbot.As per the official tweet, users will also be able to perform various tasks through the ChatGPT user interface, including checking wallet balances, transferring tokens and purchasing NFTs.
(1/2) Solana Labs has created an open-source reference implementation for a ChatGPT plugin that lets users interact with the @solana network directly from ChatGPT.Users will be able to check wallet balances, transfer tokens, and purchase NFTs once ChatGPT plugins are available.pic.twitter.com/08z1IX76zJ — Solana Labs (@solanalabs) April 25, 2023 Considering the hype around ChatGPT and AI in the blockchain industry, the possibility of a spike in interest in SOL following the launches can’t be ruled out.This can also help increase SOL’s TVL, which recently registered a decline.The efforts show an impact Solana’s development activity increased over the last week, which can be attributed to the aforementioned efforts.SOL’s weighted sentiments also registered improvement.
At the same time the network’s social volume remained consistent, reflecting its popularity in the crypto space.Is your portfolio green? Check the Solana Profit Calculator Open interest is declining! After a massive drop in SOL’s price on 27 April, the token recovered quickly as its 24-hour price chart was only down marginally.At press time, SOL was trading at $21.91, with a market capitalization of more than $8.6 billion.However, Solana’s demand in the derivatives market fell lately, as evident from the decline in its Binance and DyDx funding rates.According to Coinglass, SOL’s open interest also fell sharply over the last few days.A decline in open interest means that the market is liquidating.
This indicates that the on-going price trend is coming to an end, suggesting that SOL could register gains in the coming days.Solana is struggling below the $23 resistance against the US Dollar.SOL price could decline again if there is a clear move below the $20 support.- SOL price is showing bearish signs below the $23 barrier against the US Dollar.- The price is now trading below $22.50 and the 100 simple moving average (4 hours).- There is a key bearish trend line forming with resistance near $22.30 on the 4-hour chart of the SOL/USD pair (data source from Kraken).
– The pair could start a decent increase if it clears the trend line and then $23.Solana Price Faces Resistance This past week, Solana’s price saw a steady decline from well above the $24 level, similar to Bitcoin and Ethereum.SOL declined below the $23 and $22 levels to move into a bearish zone.It even spiked below the $20.50 support.A low is formed near $20.39 and the price is now consolidating losses.It is trading below $22.50 and the 100 simple moving average (4 hours).
There is also a key bearish trend line forming with resistance near $22.30 on the 4-hour chart of the SOL/USD pair.On the upside, immediate resistance is near the $21.75 level.It is close to the 23.6% Fib retracement level of the downward move from the $26.03 swing high to the $20.39 low.Source: SOLUSD on TradingView.com The next major resistance is near the trend line, above which the price could gain bullish momentum and rise toward the $23 resistance or the 50% Fib retracement level of the downward move from the $26.03 swing high to the $20.39 low.Any more gains might send the price toward the $25 level.Fresh Decline in SOL? If SOL fails to clear the $23 resistance, it could start a fresh decline.
Initial support on the downside is near the $21.00 level.The first major support is near the $20 level, below which the bears might gain strength.In the stated case, the price may perhaps decline toward the $18.80 support in the coming days.The next major support is near the $18 level.
Technical Indicators 4-Hours MACD – The MACD for SOL/USD is losing pace in the bullish zone.4-Hours RSI (Relative Strength Index) – The RSI for SOL/USD is near the 50 level.Major Support Levels – $21.00, $20.00, and $18.80.Major Resistance Levels – $22.30, $23, and $25.
Aayush Jindal Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist.He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer.He also founded an IT company and works rigorously in providing high-quality software services.Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets.
Follow him on Twitter @AayushJs.- The minting of Helium hotspots as NFTs served as an effective test case for Solana’s state compression capability.- NFT sales worth nearly $30 million were logged on the chain over the past week, marking a jump of 117%.Helium [HNT], abandoned its own layer-1 blockchain and switched over to the Solana mainnet last week, marking one of the biggest transitions in the decentralized network history.
Is your portfolio green? Check out the Solana Profit Calculator As part of the migration process, each physical hotspot node operating on the Helium network will have a corresponding NFT on Solana.This will ultimately create over 1 million new NFTs.
According to blockchain analytics firm Messari, over 350k hotspots have already been minted on Solana.[[email protected]]’s migration to @solana marks one of the largest decentralized network transitions in history.Over 350K hotspots have migrated with limited issues reported.pic.twitter.com/Zohdf2TEfC — Messari (@MessariCrypto) April 25, 2023 Big boost to Solana’s NFT space As per Solana Foundation, the rationale behind minting an NFT for each hotspot was that it would serve as the hotspot’s credential and confirm its authenticity without the requirement for a centralized server.Moreover, the hotspot-as-NFT could provide data for developers to build programs on top of Helium.The migration of Helium hotspots served as an effective test case for Solana’s state compression capability, which it unveiled recently.
As per Solana’s claims, large amounts of NFTs can be minted at a fraction of the cost of Solana’s standard minting process or that of other blockchains.In the example provided by Solana, minting a million uncompressed NFTs costs more than $250,000 on the chain as of April 5.The same will cost $113 using compressed NFTs.Meanwhile, NFT activity gathered pace over the last week.
NFT sales worth nearly $30 million were logged on the chain, marking a jump of 117%, data from CryptoSlam revealed.There was also a sharp rise in the number of buyers and sellers as well, increasing by 35.45% and 30% respectively.User base expands with Helium The arrival of Helium helped in bolstering Solana’s user base.As per Token Terminal, the number of daily active users soared 16% over the previous week.However, the growth in users failed to provide a significant boost to trading volume.
This led to transaction fees collected on the network declining 6% in the last week.Realistic or not, here’s SOL’s market cap in BTC terms At press time, SOL rallied 7.88% in the last 24 hours, data from CoinMarketCap showed.Solana’s announcement on partnership with Google Cloud to set up a Web3 startup program could have caused this upsurge.The Solana Foundation is excited to support @Google with this program and onboard the next generation of web3 builders.For eligibility requirements, check out the grants program and RFPs: https://t.co/6wlbICu9k9 https://t.co/P94ifq6ctT — Solana Foundation (@SolanaFndn) April 25, 2023 Top posts Bitcoin Blockchain2 hours ago Bitcoin Blockchain Surpasses 2 Million Ordinal Inscriptions Milestone In Just Over 4 Months As of April 28, 2023, the number of Ordinal inscriptions on the Bitcoin blockchain has exceeded 2 million, according to…Exchanges3 hours ago Dave Ripley takes over as Kraken CEO, set on next phase of growth and expansion What is CryptoSlate Alpha? A web3 membership designed to empower you with cutting-edge insights and knowledge.Learn more › Connect…
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