• Solana [SOL] market structure could continue to benefit the bears from a macroeconomic perspective.
• SOL attempts to break above $27 resistance but falls 9% and retests the 50% Fib level at press time.
• Recent rejection of the price and open interest (OI) decline highlights bearish sentiment in SOL.
What is Solana (SOL)?
Solana is a high-performance blockchain that enables developers to build scalable decentralized applications quickly and easily. It uses proof-of-stake (PoS) consensus protocol, which is more energy efficient than other protocols such as proof-of-work (PoW). The platform also features faster transaction speeds, low fees, scalability, staking incentives, and other features.
Macroeconomic uncertainty is increasing as Fed watchers worry that its aggressive rate hikes to tackle stubborn inflation will continue for longer. Most equity indexes closed in the red on Tuesday and Bitcoin [BTC] failed to maintain the $25k level again, sending the altcoin market into retracement. As a result, SOL shrank 9% in the last 24 hours and falling open interest rates further prolongs its downtrend.
SOL Reaches 50% Fib Level – Can Bears Prevail?
So far, SOL has struggled to break above $27 level – a major selling pressure even in three hour time frame. Its open interest (OI) has also peaked on 21 February before declining thereafter, highlighting bearish sentiment in SOL’s market structure. If the OI continues to fall after SOL closes below $23, it could undermine bulls’ chance of rallying at 50% Fib level giving opportunity for bears prevail instead. The RSI was at 50 indicating neutral structure that could move either direction so investors should monitor BTC price performance as well while trying to estimate price movement of SOL too.
How Much Are 1, 10 & 100 SOL Worth Today?
At press time 1 SOL was worth around $23.97 USDT according CoinGecko data with market cap at 2 billion USDT and 24 hour volume traded around $1 billion USDT making it highly liquid coin relative other coins from top 25 list by market capitalization . So 100 SOL would cost around 2397 USDT or 10 000 USDT if you want buy 1000 pieces of this digital asset .
Overall outlook for Solana [SOL] remains uncertain as recent selloff could extend further down or bulls could take over if BTC hits 25k again pushing up all altcoins prices with it . In any case scenario investors should be very careful when trading this volatile asset especially short term where huge swings can occur anytime .