Solana

Lido DAO

Resistance

Million

Coin

<ul class="list-ic vertical">
 <li><span>1</span> <a>The Solana price increased by 9.50% over the last week and is trading above major EMAs.</a></li>
 <li><span>2</span> <a>The price of the SOL coin is trading at $24.30 and the 52-week trading range is $8 – $38.</a></li>
</ul>
<p>Solana (SOL) is a blockchain platform that can run smart contracts and decentralized applications with speed and scalability. It uses a combination of Proof-of-History and Proof-of-Stake to achieve consensus. The Solana network has its own token called SOL coin, which can be used for paying fees, securing the network, and participating in governance.</p>
<p>As per the data analysis website CoinMarketCap, Lido on Solana, a staking protocol is shutting down after a vote by the Lido DAO. The decision was made due to the lack of funding and support from the Lido DAO which oversees the development and governance of the Lido protocol on various networks.&nbsp;</p>
<p>Moreover, users and node operators of Lido on Solana will have to follow a sunsetting process that will last until February 4, 2024, when the front end will be discontinued. Users can unstake their SOL tokens via the front end or the CLI, and node operators can opt to exit the pool or keep their nodes running.</p>
<p>Moreover, the sunsetting of Lido on Solana could create an opportunity for other staking protocols to fill the gap and offer similar services to Solana users. This might help increase the competition and innovation in the Solana ecosystem as well as the utility and demand for SOL tokens.</p>
<p>On the contrary, the supply and selling pressure of both LDO and SOL tokens might increase which may lower their price. Furthermore, the sunsetting of Lido on Solana could reduce the diversity and choice of staking options for Solana users, which could limit the growth and adoption of the Solana network.</p>
<p>If all the 560 Million ETH tokens that exist today were in the market, the total value of Solana (SOL) would be $13.5 Billion. As per the CoinGecko website, this is a hypothetical scenario that shows the maximum potential market cap of Solana (SOL). Therefore, it might take several years before the maximum SOL crypto market cap is reached.</p>
<p>SOL crypto surged 7.21% in market value and by 190.62% in trading volume in the last 24 hours, as per Coinmarketcap, which is a crypto data and info website. Its market value is $10,144,367,004 and its trading volume is $789,661,734. There are 416,384,437 SOL in circulation.</p>
<p>Solana (SOL)’s open interest is $379.26 Million, as per Coinglass, which is a crypto analysis website. It rose by 18.96% in the previous session. The long versus short ratio for 24 hours is 1.0504. The total number of short positions added in the last 24 hours is $3,362,222.11 against longs of $1,554,328.648.</p>
<h2 class="wp-block-heading" id="strong-sol-coin-price-technical-analysis-in-the-1-day-timeframe-strong"><strong>SOL Coin Price Technical Analysis in the 1-Day Timeframe</strong></h2>
<p>The SOL coin is shining bright this month, as it has surged by 29.57% in its value and in the past six months, SOL also climbed by 6.32%, showing a stable and consistent growth. Furthermore, the year-to-date return of SOL price is remarkable, as it has skyrocketed by 144.14% since the beginning of the year. This shows that SOL has more than doubled its price in less than 10 months, outshining many other crypto assets.</p>
<p>Moreover, this shows that <a href="https://www.thecoinrepublic.com/2023/10/09/solana-price-prediction-will-sol-crypto-revert-back-from-here/" target="_blank" rel="noopener noreferrer nofollow">SOL</a> coin has kept its appeal and value over the long term, and could grow more in the future.</p>
<div class="wp-block-image">
 <figure class="aligncenter"><img decoding="async" loading="lazy" width="1461" height="847" src="https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-476.png" alt="Solana 2023: Can SOL Price Cross Yearly High Before December?" class="wp-image-176409" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-476.png 1461w, https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-476-300x174.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-476-1024x594.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-476-768x445.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-476-750x435.png 750w, https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-476-1140x661.png 1140w" sizes="(max-width: 1461px) 100vw, 1461px">
  <figcaption class="wp-element-caption">
   Source: SOL/USD.1D.BITSTAMP by TradingView
  </figcaption>
 </figure>
</div>
<div class="wp-block-image">
 <figure class="aligncenter"><img decoding="async" loading="lazy" width="1461" height="847" src="https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-477.png" alt="Solana 2023: Can SOL Price Cross Yearly High Before December?" class="wp-image-176410" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-477.png 1461w, https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-477-300x174.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-477-1024x594.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-477-768x445.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-477-750x435.png 750w, https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-477-1140x661.png 1140w" sizes="(max-width: 1461px) 100vw, 1461px">
  <figcaption class="wp-element-caption">
   Source: SOL/USD.1D.BITSTAMP by TradingView
  </figcaption>
 </figure>
</div>
<p>At the time of publishing, <a href="https://www.thecoinrepublic.com/2023/10/09/solana-price-prediction-will-sol-crypto-revert-back-from-here/" target="_blank" rel="noopener noreferrer nofollow">Solana</a> (SOL) is trading above the 20 and 50-day EMAs (exponential moving averages).&nbsp;</p>
<p>The MACD shows a bullish cross in Solana where MACD is at 0.6710. The current value of the RSI is 67.35 points and it took support on the 14-day SMA. All these analysis tools indicate bullish symptoms in the crypto price.</p>
<h4 class="wp-block-heading"><strong>Conclusion</strong></h4>
<p>SOL price action highlights a bullish view at the time of publishing as the uptrend has continued as it took support on the trendline. The technical parameters of the SOL price show bullish traits, suggesting the continuation of the bullishness over the daily time frame chart. Moreover, the SOL price highlights the bullish sentiments and perspectives of investors and traders regarding the coin in the daily time frame.</p>
<h4 class="wp-block-heading"><strong>Technical Levels</strong></h4>
<ul>
 <li><strong>Support levels: </strong>$22 and $20</li>
 <li><strong>Resistance levels: </strong>$26 and $28</li>
</ul>
<h5 class="wp-block-heading"><strong>Disclaimer</strong></h5>
<p>In this article, the views and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.</p>

Solana 2023: Can SOL Price Cross Yearly High Before December?

Table of Contents

Thecoinrepublic.com

Other articles published on Oct 17, 2023

Why did Nvidia Shares Fall? Will it Affect Artificial Intelligence Altcoins?

In terms of preference for centralized exchanges, Latin America leads the world: Report

Coinbase bets on USD delisting 80 pairs with USDT, BTC and EUR

Elon Musk and Sam Altman at Odds Over ‘Stealing the Internet’ Controversy

Within the top Bitcoin hodlers with over $5 billion in BTC is the US government: Report

Binance Berhenti Menerima Pengguna Baru dari Inggris

Join our free newsletter for daily crypto updates!