Earlier today, Solana (SOL) became a trending topic on Twitter when Adam Cochran, a professor and cryptocurrency investor, shared his sarcastic thoughts about a post by financial manager “macbrennan”. In his post, macbrennan claimed that Solana had “more users than any other blockchain”.
Near had more users.
Near.
When the fuck was the last time you heard anything about Near?!?
— Adam Cochran (adamscochran.eth) (@adamscochran) August 3, 2023
Solana Sparked a Twitter Feud
Cochran disagreed with Macbrennan’s claim about Solana, citing data from DefiLlama that showed Solana ranked 10th in terms of TVL and 9th in terms of 24-hour users over the past day. In fact, Solana only had 99,953 24-hour users, while other chains like Tron had more than a million.
SOL’s 24-hour performance was not exceptional compared to other cryptocurrencies, as its price dropped by over 3% during the last day of trading. As a result, SOL was valued at around $22.71 at the time of writing. Additionally, SOL’s 24-hour trading volume was $378,487,370, representing a 5.87% decrease from the previous day.
SOL’s weekly performance was also lackluster, as it experienced a decline of over 9%. With a market cap of $9,184,297,176, SOL secured its position as the 9th largest cryptocurrency, ranking between Dogecoin (DOGE) in 8th place and Tron (TRX) in 10th place.
Technically speaking, at the time of writing, SOL’s price was hovering around the 50-day EMA line, after having fallen below the 9-day and 20-day EMA lines in the past 48 hours. If SOL’s price drops below this technical indicator, it could potentially fall to $21.45 within the next 24 hours.
If selling pressure persists, SOL’s price could further decline to $18.25 over the next week. However, if SOL manages to close today’s daily candle above the 50-day EMA line, the bearish outlook would be invalidated and its price could rise to the next major resistance level at $26.00.
It is worth noting that the 9-day EMA line was on the verge of crossing below the 20-day EMA line. If this crossover occurs, it would signal a bearish technical flag and could result in a further decline in SOL’s price in the coming days.
