Solana’s Stagnation: Uncertain Future Despite Bullish Control
The Essentials in Brief
Solana (SOL), known for its impressive performance last year, is currently going through a phase of price stagnation. The cryptocurrency, which is traded between 165 and 190 US dollars, is facing the challenge of breaking through the 200-day average to confirm a further upward trend. Despite the current consolidation, the question remains: Can Solana trigger another ‘Solana Summer’?
Solana’s Current Market Situation
The trading range of SOL shows a consolidation phase, while the derivative data paints a mixed picture of rising interest and declining trading volumes. This suggests a cautious but attentive trading environment. Interestingly, the data on losses from liquidated positions (rekt) show only minimal losses on short positions, indicating that the bulls continue to have control.
Social Volume and Market Sentiment
A look at the data from Santiment’s Social Volume reveals significant spikes, especially around March, which is likely correlated with Bitcoin breaking through two all-time highs. Currently, however, a notable decline in Social Volume is observable. The Solana Fear and Greed Index currently shows a neutral sentiment at 45%.
Technical Analysis
SOL is struggling to stay above its 50-day average (MA50), which suggests a hesitant bull market but reveals difficulties in maintaining the uptrend. The 200-day average (MA200) is slightly above the current price and acts as a possible resistance zone that SOL must break through to initiate a bullish takeover. The Relative Strength Index (RSI) is near the middle (around 47), indicating consolidation.
Our Assessment
Solana is facing a crucial phase. To initiate a further upward trend, SOL must rise above the 190 US dollar mark and turn this resistance into support. The current market situation reflects a hesitant bullish sentiment, which is likely due to SOL’s recent performance plateau. This could lead to continued consolidation until a new catalyst either confirms a bullish continuation or initiates a bearish reversal. Given the mixed signals, it will be exciting to see whether Solana will be able to spark another ‘Solana Summer’.
Sources: CoinGecko, Coinglass, Santiment, CFGI, TradingView
| Wagering requirements | 35x bonus |
| 35x free spins winnings | |
| Minimum deposit | €20 |
| Maximum bet | €5 |
| Bonus validity | 30 days to claim |
| 14 days to wager / 7 days for free spins |
- There is no maximum bonus amount.
- 10 Free Spins per day over ten (10) days on Gates of Olympus or Book of Ra Deluxe.
| Wagering requirements | 40x bonus |
| 40x free spins winnings | |
| Minimum deposit | 0.0005 BTC |
| Maximum bet | 0.00004 BTC |
| Bonus validity | 30 days after registration |
| 14 days (1st), 7 days (2nd), 1 day (3rd) |
- To get the bonus, enter the bonus code before the deposit.
- Minimum deposit: 0,07 BCH • 0,4 LTC • 233 DOG • 45 XRP • 0,01 ETH • 20 USDT • 69 ADA • 0,05 BNB • 184 TRX • 20 USDC.
- Maximum bet: 0.007 BCH • 0.0009 ETH • 0.04 LTC • 23 DOGE • 2 USDT • 4 XRP • 18 TRX • 7 ADA • 0.005 BNB • 2 USDC • 2 EUR • 2 USD.
- Free spins are provided in batches of 25 per day.
- Free spins are credited on the Gamebeat slots: Max Miner (1st), Book of Elixir (2nd) and Odin’s Tree (3rd).
| Wagering requirements | 40x bonus |
| Minimum deposit | 0,1 mBTC |
| Maximum bet | $5 per spin |
| Bonus validity | 7 days to wager |
- There is no cap on winnings or withdrawals.
Advertising transparency