Solana (SOL) Technical Analysis 2021 for Crypto Traders

thenewscrypto.com
3 min read
fairly easy
In Solana (SOL) Technical Analysis 2021, we use past statistics, price analysis, RSI, RVOL, and much other information about SOL to analyze the future movement of the cryptocurrency.  Solana is a
In Solana (SOL) Technical Analysis 2021, we use past statistics, price analysis, RSI, RVOL, and much other information about SOL to analyze the future movement of the cryptocurrency.

Solana is a powerful open source project built on the unauthorized nature of blockchain technology to provide decentralized finance (DeFi) solutions. Although the idea and the first project work began in 2017, Solana was officially launched by the Solana Foundation in March 2020. Headquartered in Geneva, Switzerland. It aims to improve scalability by using Proof-of-History (PoH) consensus and basic Proof-of-Stake (PoS) block consensus.

Solana (SOL) Current Market Status

According to CoinGecko, the SOL price is trading at $34.93 with a 24-hour trading volume of $546,813,703, at the time of writing. However, SOL has increased by 8.6% in the last 24 hours.

In addition, SOL has a circulating supply of 272,637,122 SOL. Currently, SOL trades in Binance, OKEx, Huobi Global, and Bilaxy.

Solana (SOL) Technical Analysis 2021

Solana (SOL) holds the 13th position on CoinGecko right now. The recent development and upgrades might push SOL to reach new heights. Now, let's deep dive into the SOL technical analysis 2021. The weekly time frame chart of Solana (SOL) is shown below.

SOL/USDT Rising Wedge pattern (Source: Tradingview)

The above chart forms the "Rising Wedge pattern". This pattern is a bearish pattern that starts wide at the bottom and contracts as trading range narrows and the prices move higher. It…
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