Yesterday was the best in the life of traders where almost every coin available on the market was rallying and surging to almost two-digit gains in no time. Still, the market got back to the ground now and things are looking to stabilize slowly. In this article, we will go through some of the statistics and compare them with where they were twenty-four hours earlier to see how things are changed & how they will be changing. And we will also go through one of the coins present on the trending coins list of CoinMarketCap.

Overview Of Crypto Market

As we have seen the massive rally in the crypto market it was obvious to see some pullback in the market but what exciting thing is that some coins like Optimism which we discussed yesterday are still trending and surged around ~15% in the last twenty-four hours. But apart from some of these coins, the crypto market is stabilizing and prices are moving slowly, which I think will be the picture for the weekend.

At the time of writing this article, Bitcoin is trading at $24,495 up by 2.73% in the last twenty-four hours. Yesterday, despite the world of altcoins shown a drastic surge Bitcoin was moving slowly and it looks like Bitcoin is still carrying the same momentum and moving ahead. Currently, Bitcoin is at a critical level of $24.5k and if it manages to flip this level then we will see a nice rally but there is a possibility of failing at this level too. 

As you can see in the picture below Bitcoin's dominance is at 40.57% in the same determined range in which it has been trading for a week. Previously, the dominance has broken down the support of 40% and it came down to 39.39% but bounced from there immediately and came back in the range. And the Fear and Greed Index of Bitcoin is at 42, up by three points from yesterday. The cryptocurrency market is moving out of the Fear zone and moving toward the Greed zone.

And as you can see on the rightmost part of the picture, the comparison between the long and short positions on different exchanges like Binance and Kraken. With help of these stats, we can get a rough idea about the funding rates and how leveraged traders are looking toward the market. Currently, there are 48.53% long positions and 51.47%. There is a rise of around 4% in the long positions from what we have seen yesterday and a drop of the same ~4% in the short positions. 

Related Statistics (24 hours)

Market Cap: $1.15 Trillion (+1.92%)

24h Volume: $1.64 Trillion (-19.84%)

Active Addresses: 949,562 (-6%)

Exchange Netflow Total: -91.3121 (+6%)

Trending Coin Of The Day

In this section, we go through the coin that is on the trending coins list on CoinMarketCap. We look into its basics and dig enough into them to get an overall understanding of the project.

Solana (SOL)

If you are in the crypto space for some time then it is obvious that you have heard about the project called Solana or the token SOL. It is one of the best-performing coins in the last bull run and also one of the solid projects in the crypto space. Solana is a layer one blockchain solution for fast, cheap, and secure transactions. Although Solana presents itself as an Open Source project the links are highly connected to the FTX & Almeda Research founder Sam (SBF) and the organizations themselves. 

The idea of the Solana project was earlier proposed in 2017 but the actual project was launched in 2020. At the time of the Initial Coin Offering in 2020, the SOL token was offered at $0.22 per token, and the current price of Solana is $44. Which puts the return of 202x in the last two years. With these returns, Solana became one of the best-performing coins in the last two years. At the time of writing this article, the price of Solana is $44.42 up by ~4% in the last twenty-four hours.

The main purpose of the Solana project is to facilitate DeFi space. It allows developers to develop permissionless decentralized applications using widely described documentation. Because of the availability of easy-to-understand and multiple developer tools and organizing regular hackathons. These things attract new developers and that is why Solana has one of the best developers' communities

. 

The above picture shows the activity of the solana-labs/solana GitHub account. There is a regular activity on GitHub which shows the activeness of the Solana developers. But despite of active developer community, the problem with the Solana blockchain is that there is a performance issue. You might have heard about Solana getting stagnated for a few hours in the past. So even though Solana is one of the best projects financially on the technology level, Solana has a long way ahead to grow.

Related Links

Official website: Scalable Blockchain Infrastructure: Billions of transactions & counting | Solana: Build crypto apps that scale

Whitepaper: https://solana.com/solana-whitepaper.pdf

Solana @CMC: Solana price today, SOL to USD live, marketcap and chart | CoinMarketCap

Conclusion

So the cryptocurrency market somehow got over yesterday's hype and started pullback so it is possible we will see more pullback in the crypto market. Some projects will go slow and some others go down faster but eventually, most of them will experience a pullback. So if you are looking for purchasing coins then for the long and medium term then the upcoming pullback will be a good entry point but of course, do your own research and find strong support.

And about today's coin of the day, Solana. It surely is one of the best projects in the crypto space with a huge market cap and strong community but it should have to improve its technology in order to stay for the long term. If the Solana team manages to resolve the bug and make the blockchain flawless then surely Solana will be one of the long-standing projects in the crypto space. 

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