Solana, SAND, EOS Price Analysis: 17 May

The altcoin market saw a slight uptick over the last five days after most altcoins' four-hour technicals swooped into the oversold mark. Consequently, Solana flashed a bullish edge after breaking out of its falling wedge.

Timeline of Eos, Solana, The-sandbox

Solana price analysis has been bullish for the last 24 hours, but prices are facing resistance at $53.3. Prices may continue to rise in the short-term, but a pullback is possible if prices fail to break above $53.3.

When Solana's price hit new lows near $54, the total value locked (TVL) for the token also declined to a historical low. According to data from Defi Llama, the token's TVL has been on a steady decline since November 2021.

Most of the DeFi tokens in the crypto space earn their value from the function and success of the protocol they stem from. Naturally, any change in the protocol's ecosystem is bound to have a ripple effect on the token as well.

Solana NFT marketplaces have proven to be one of the fastest growing NFT marketplaces, after their number of users skyrocketed to 250,000 traders in just the months of April and May. This is according to data from Dune Analytics.

Solana price analysis reveals SOL prices are still holding above $50 amid the bearish winds. Solana price movement over the last 24 hours shows the prices opened the daily trading session trading at lows of $49.85 and then proceeded to consolidate around $50.0.

Despite BTC and ETH trading lower on Monday, several cryptocurrencies managed to move higher to start the week. XMR was one of the biggest climbers, with solana also moving higher during the session. Monero (XMR) XMR was one of Monday's biggest gainers, as prices rose by almost $20 from lows during Sunday's session. Following a

SAND price analysis reveals that the cryptocurrency has been following a bearish trend displaying further opportunities for bearish activities, with the price of SAND/USD moving under the $1.35 mark. On May 16, 2022, the cost of SAND experienced a flash crash and reached $1.28, but it further increased to $1.34, which is the current price.

It has been three weeks since SAND broke out of its wedge pattern with the bears ready to take over. The token just concluded another bearish week by being oversold, before recovering by approximately 38%.

Metaplex can solve Solana's network bot problem and the developers can go on the offense against the transaction spamming bots so let's read more today in our latest blockchain news. Solana's network crash in April was blamed on botting programs whcih swarmed popular NFT mints.

Solana TVL continued to plunge in the third week of May due to bearish trends in the market that have seen declining interest in DeFi. The post Solana (SOL) TVL Reaches 2022 Low; Crashes More than $6 Billion appeared first on BeInCrypto.