Convergence

Source

Solana

Divergence

<ul> 
 <li aria-level="1">Solana stabilizes at $122 support level after a 35% decline, showcasing potential for bullish momentum recovery.</li> 
 <li aria-level="1">Over 377 million SOL tokens staked, indicating strong investor confidence and a commitment to network security.</li> 
</ul> 
Solana’s market performance demonstrates a notable trend of resilience and bullish potential amid prevailing market conditions. The cryptocurrency stabilized at a support level of $122 after experiencing a 35% decline since May 20th. 

<div class="cryptoboxes" id="mcw-12347" data-realtime="on">
 <div class="mcw-chart mcw-chart-light" data-font="inherit" data-chartcoin="SOL" data-chartcurrency="USD" data-chartrate="1.000268" data-charttype="chart" data-chartview="day" data-charttheme="light" data-chartsmooth="true" data-chartareacolor="" data-chartbgcolor=""></div>
</div> 
This support level has proven significant, as the price of Solana increased by 10% within the past 48 hours. Current trading figures from Ethnews list Solana at $136.33, showing a modest increase of 1.09% over the last 24 hours and 1.26% over the past week. The market capitalization of Solana <a href="https://www.ethnews.com/solana-faces-a-3-billion-market-tumble-amidst-crypto-market-instability/">reflects a similar uptrend</a>, increasing by 1.13% to $63.11 billion. 
<figure id="attachment_78824" aria-describedby="caption-attachment-78824" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-78824" src="https://www.ethnews.com/wp-content/uploads/2024/06/Explore-solana.jpg" alt="" width="1403" height="313">
 <figcaption id="caption-attachment-78824" class="wp-caption-text">
 Source: Solana Explorer
 </figcaption>
</figure> 
The circulating supply of Solana is an integral aspect of its market sector. Of the total 578.9 million SOL tokens, 462.2 million are actively in circulation, which constitutes approximately 79.8% of the total supply. This <a href="https://www.ethnews.com/solana-outperforms-ethereum-in-dex-volume-despite-recent-market-downturns/">high rate</a> of circulation indicates market activity and investor engagement. 
Furthermore, staking statistics reveal that about 377 million SOL tokens, representing 65.1% of the total supply, are actively staked. This high staking activity suggests that a substantial portion of the supply is locked, potentially stabilizing prices and fostering confidence among investors. 
<figure id="attachment_78820" aria-describedby="caption-attachment-78820" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-78820" src="https://www.ethnews.com/wp-content/uploads/2024/06/SOLUSD_2024-06-26_10-24-31_5c1e6-e1719408247132.png" alt="SOLUSD_2024-06-26_10-24-31" width="1289" height="733">
 <figcaption id="caption-attachment-78820" class="wp-caption-text">
 Source – Tradingview
 </figcaption>
</figure> 
Technical indicators such as the Moving Average Convergence Divergence (MACD) currently point to a decrease in bearish momentum, which might predict a minor price correction in the short term. However, the fundamental attributes of the network, combined with active market participation, provide a solid foundation for potential price recovery. 
Investor sentiment towards Solana also appears robust, reflected by its presence in the decentralized finance (DeFi) sector. According to DefiLlama, Solana accounts for 4.4% of the total crypto market’s locked volume, indicating sustained confidence in its capabilities and future prospects. 
<figure id="attachment_78828" aria-describedby="caption-attachment-78828" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-78828" src="https://www.ethnews.com/wp-content/uploads/2024/06/Total-Volume-Locked-DefiLlama-solana.jpg" alt="Total-Volume-Locked-DefiLlama-solana" width="1292" height="430">
 <figcaption id="caption-attachment-78828" class="wp-caption-text">
 Source: DefiLlama
 </figcaption>
</figure> 
While short-term market indicators suggest possible minor setbacks, the extensive use of Solana’s blockchain, combined with high staking rates and good market capitalization, underscores a <a href="https://www.ethnews.com/solanas-node-cost-challenges-and-potential-solutions-for-lower-economic-barriers/">strong foundation for future growth</a>. Investors are advised to monitor these developments closely as they assess Solana’s potential trajectory in the cryptocurrency market. 
The post <a href="https://www.ethnews.com/solanas-resilience-in-defi-analyzing-its-bullish-trend-and-support-levels/">Solana’s Resilience in DeFi: Analyzing Its Bullish Trend and Support Levels</a> appeared first on <a href="https://www.ethnews.com">ETHNews</a>.

Solana’s Resilience in DeFi: Analyzing Its Bullish Trend and Support Levels

ETHNews

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