- Analyst Adam Cochran shared on Twitter today that he disagrees with those who believe Solana has more users than any other blockchain.
- DefiLlama ranked Solana in the 9th position in terms of 24-hour users.
- SOL’s price dropped by more than 3% over the past day, which left it trading at $22.71.
Solana (SOL) was a topic of conversation on Twitter earlier today after Adam Cochran, a professor and cryptocurrency investor, sarcastically shared his thoughts about a post by a financial manager who goes by “macbrennan”. In his post, macbrennan referred to Solana as having “more users than any other blockchain”.
Cochran did not share the same sentiments about the Ethereum-killer, and pointed to data from DefiLlama that indicated that Solana was ranked 10th by TVL and only 9th by 24-hour users over the past day. Notably, Solana only had 99,953 24-hour users while other chains like Tron had more than a million.
SOL’s 24-hour performance also did not stand out from other cryptocurrencies as it saw its price drop by more than 3% over the past day of trading. Consequently, SOL was worth approximately $22.71 at press time. In addition, SOL’s 24-hour trading volume stood at $378,487,370, which was a 5.87% drop since yesterday.
The altcoin’s weekly performance did not look much better as it was down by more than 9%. SOL’s market cap of $ 9,184,297,176 meant that it claimed its spot as the 9th largest cryptocurrency. This placed it between Dogecoin (DOGE) in the 8th position and Tron (TRX) in the 10th spot.
From a technical perspective, SOL’s price was resting on the 50-day EMA line at press time. This was after it had fallen below the 9-day and 20-day EMA lines over the past 48 hours. Should the altcoin’s price fall below this technical indicator, it may be at risk of dropping to $21.45 in the next 24 hours.
Continued sell pressure could also push SOL’s price down to $18.25 throughout the upcoming week. However, if SOL is able to close today’s daily candle above the 50-day EMA line, then the bearish thesis will be invalidated. In this scenario, the cryptocurrency’s price may climb to the next major resistance at $26.00.
One thing to take note of is the fact that the 9-day EMA line was attempting to cross below the 20-day EMA line. Should this cross happen, it will trigger a bearish technical flag which may result in SOL’s price falling in the next few days.
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