Solana (SOL) is looking to get closer to the $100 mark with a 1.57% increase over the last 24 hours as of press time. With that, the SOL fear and greed index is now showing its market sentiment currently at a neutral state.
SOL Market Cap Currently at $28.8 Billion
With quite a buzz around Solana as the next biggest blockchain back in 2021, since the coin's drop, there have been split opinions regarding the coin's future. According to CoinMarketCap, the coin's all time high was at $260.06 with its current price at a 65.42% drop.
The coin, however, has an extremely large gap from SOL's all time low at just $0.5052. As of press time, the coin has a market cap of $28.8 billion with a trading volume of $1.9 billion over the last 24 hours.
SOL Fear and Greed Index Now at 41 Over 100
The SOL fear and greed index is currently sitting at neutral with a market sentiment of 41 over 100 with zero being extreme fear and 100 being extreme greed. Sitting closely to the middle, sentiments regarding Solana have started to neutralize.
Although the sentiments are still slightly bearish, as seen on the Solana Fear & Greed Index on Twitter, SOL has a fear and greed index of 41 although the screenshot shown of its fear and greed index shows 42.
SOL's Previous Fear and Greed Index
For reference, the previous SOL fear and greed index sat at 38 when the coin's price was at $91. Although the coin has dropped in price, its market sentiment has still progressed from 38 to 41 out of 100.
The coin was able to show consistent neutral market sentiment with its last fear sentiment being on March 14. On that day, the price of Solana sat at $80. As seen on the Solana Fear and Greed Index, the coin's market sentiment during that time was just 30 out of 100.
Read Also: Meebits Tops BAYC in 24h Volume with Over 9k ETH
What is the Solana Blockchain
Per the coin's description on CoinMarketCap, Solana "is a highly functional open source project" that aims to provide DeFi solutions through permissionless blockchain technology. One advantage of the Solana blockchain is that decentralized applications (DApps) can be created on the protocol.
Although the initial work for the project and the idea behind SOL started back in 2017, the official launch of Solana was on March 2020 with Switzerland as the location for its headquarters.
As of press time, Solana is ranked number nine on CoinMarketCap. It has a circulating supply of 320,490,164.64.
Solana is a proof-of-stake blockchain. This means that instead of validations being carried out by hardware, validations are done through those with larger SOL stakes.
Related Article: SOL Fear and Greed Index Back to Neutral: Road to $100?
This article is owned by Tech Times
Written by Urian B.
