|Marketcap||Volume||52 Weeks High||52 Weeks Low|
What is Solana?
Solana is a blockchain platform based on a proof of history/stake (PoH) algorithm – That allows users to create & execute smart contracts, decentralized apps, and new cryptocurrencies. Solana differs from Ethereum in that it can process 50,000 transactions per second (TPS), which is 1000 times faster than Ethereum. It also has a native currency called SOL, which users can stake to become validators and earn rewards.
(SOL) Solana Fundamentals Overview
|Mechanism||Proof of History|
|Max Transaction Capability||50,000 Per Second|
|Average Transaction Cost||$0.00025|
|Current Circulating Supply||344M|
|Project Reside on Solana||400+|
|Web & Social||Solana.com, @Solana, r/solana,|
Solana Price Prediction For July 2022
The price of the Solana coin took quite a huge loss as it fell into the hands of buyers and sellers. Now, let’s see if it will recover or not.
At the moment, the price of Solana is oversold and might face a major buying soon. According to the daily chart, we can see Solana take support of around $26 to $23 levels which are the previous support level during April, May, June, and July 2021.
We also consider the Fibonacci level 0.236 which is near Sol’s previous resistance level of around $50 to $60. So if any negative event does not happen in the market in the coming then the Solana price can reach up to the $50 level and later start moving higher once again for long-term investment purposes.
But If the price takes a U-turn and faces resistance at $50-$60, then we can expect Solana Price to enter again to the support zone ($26-$23).
Also, Read –
Solana Price Prediction For Long-term (2022 – 2025)
The Solana weekly price graph indicates that the cryptocurrency fell sharply after hitting a high point in late November 2021. It fell to its support level near $26-$23 and then recovered slightly before falling to another support level at $24.
If it maintains to break the resistance and sustains above $58, we could be seeing new all-time highs. However, if the price falls to make higher highs, then there is a possibility of a downward trend developing in case the weekly candle closes below the $23 level.
Solana Historical Price Events
|Date||SOL Price Event|
|SOL Current Price||$43.2|
|Nov 21 to June 22||Bear Market Hit and Sol Fall From $260 to $26|
|06/11/21||Hit All-Time High $260|
|17/05/21 to 16/08/21||Sol Face Side Ways ($50 – $23)|
|Feb to May (100 Days)||Sol Break $5 level & Hit $50 High (10x )|
|Aug 20 to Jan 21||Sol Facing the Down Trend (Low $1.03)|
|08/31/2020||Solana Hit the Record High of $4.782|
|July to Aug||SOL Jump up to almost 500%|
|07/10/2020||Break Last High and Trade at $0.9246|
|April to Sep||Make Side Ways Moment|
|04/11/2020||Sol Make His First High of $0.8825|
|March 2020||Sol Launch|
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Right now the Solana (SOL) cryptocurrency trade at $43.2
Cryptocurrencies are very volatile and prone to extreme price fluctuations. However, I think the top 10 cryptocurrencies are good from the perspective of trading and Solana is one of them. The reason I want to mention it is that it gives us a great opportunity for trading and big momentum trade.
If the Solana price maintains above $58, it could reach new all-time highs. But if it falls below $23, there is a possibility of a downward trend developing in case the weekly candle closes below this level.
Solana and Ethereum differ in the consensus mechanism they employ. Solana follows the Proof of Stake (PoS), which is less secure but more efficient, leading to high-speed and low-cost transactions. On the other hand, Ethereum follows the Proof of Work (PoW) which is more secure but less efficient, leading to slow transactions.
One thing you should understand is that we are not in the old days when the Crypto price rose to 100x in a few months. And It is premature to predict any cryptocurrency price for the next 5 to 10 years and ask about Solana crossing $1,000/2,000 because we even don’t know where the price is going a week from now. Remember it’s all forecast based on previous levels and some technical tools.
All of the forecasts and predictions in this document are based on previous levels and technical analysis models. They should not be considered investment advice. Before taking any investment or trading decision, you should learn first about the market, get advice from an expert, and then start with a small amount of money.