The seventh highest coin based on market cap, Solana was in profit on Saturday 29th January after a couple of ups and downs reflected on the coin by flagship coin Bitcoin. The crypto market hasn’t claimed stability yet and the bulls and bears in the market are having strong competition as to the next direction for bitcoin. Reaching a high of $114.21 on the 22nd of January the movement of the chart has rather been indecisive.
Due to the decline in price of Bitcoin moving from a support level of 45k to a tragic 32k support level Solana as well as other crypto currencies have also followed suit and have all claimed new support levels on the down side. Having an all-time high of $260, the coin has been on a steep decline since attaining that ATH and had a low of $80.85 according to SOL/USDT chart on Binance.
Solana is currently sitting on $96 as of the time of report and having its major support on the $180 support and corresponding support levels on a lower range. Solana ranked 5th on the coin market cap ranks of most valued coins when it was at its all-time high accumulating a total market cap of $72B plus making its way past the second most valuable coin USDC and Cardano (ADA). Currently sitting on the 7th spot Solana is currently holding a fully diluted market cap of $49.07B dollars.
Owning its own block chain, the future of the cherished coin has been debated on as regard its direction. Steeply going down by 30+% within the past couple of days, investors are still placed in a dilemma as regards purchasing the coin. Since the indicators used in the chart reads that the chart is indecisive and slightly bearish, it is important to ask if it’s a perfect time to ape into the coin or wait for more bearish interventions to bring the coin to a lower and better price to buy in.
Reports have been made reporting that there has been series of hacks recorded on the Solana block chain which has somewhat scared away investors from investing in the coin due to its porosity. Solana still standing strong is maintaining its support and is seemingly ready for a break out.
Solana and Coinbase
Second most ranked crypto exchange according to market trading volume; Coin base has made plans and is preparing to list Solana Program Library (SPL) tokens on its exchange. This recent development could prove very beneficial for Solana and its entire token in registered on its block chain.
After the news Solana went up a whopping 9%+ and it is expected that there would be a push on Solana upwards probably back at its all-time high. Indicators show that with the proper momentum and intervention from the bulls there would a bullish crossover and Solana is closely about to experience that. Indicators could prove correct and Solana would be well on its way for another bullish run, otherwise we might be seeing a new low for Solana since the bears are seemingly stronger than the bulls.