SOL Price Analysis August 2022

SOL is a token of the platform Solana. Its current price is around $46.52 by the time of writing, with a low of $26.06, and its market cap is 16.2 billion dollars.

What is Solana?

Solana is a high-functioning, open-source blockchain project. It’s new, works without permission, is high-speed and can scale. It is a crypto computing platform that will potentially offer transaction speeds as opposed to decentralization. They’re looking to deploy various approaches, including the ‘proof of history’ mechanism. Solana uses Sealevel for executing smart contracts that can run parallel and are also able to share the same set of protocols.

What is SOL?

SOL is the coin of the Solana platform, which is around $46.52 by the time of writing, with a low of $26.06. It reached $260.06, and its current ranking is #9 according to CoinMarketCap, with a market cap of 16.2 billion dollars.

Solana’s native currency is SOL, a new blockchain company committed to maintaining speed & decentralization. They use several different strategies like the “proof of history” mechanism.

SOL Coin Market Analysis 

SOL has a total supply of 511,616,946 coins worth around $46.52 with a market volume of 1.4 billion dollars, whereas the market capitalization is 16.2 billion dollars at writing. After a bullish rally this week, Solana has hit another target and is at its strongest point in the past 24 hours.

It appears that momentum is still going strong with people buying over a range of prices. Recent activity in SOLANA suggests the upside momentum is still present as the $49.0 resistance has not been met. The buyers have continuously participated since the beginning of the week, gaining 19%.

SOL Price Prediction

Analysts have predicted a price increase by Solana towards the $44 mark, and it’s time for it to display another move. Over the last week, its value has risen by 14%, and in the past one, there has been a close to 3% change in market value.

In the 2H timeframe, the price action of $SOL/USDT has broken the BOS support trendline. We have to wait for a successful test. Then we will enter it.

For any time, on-demand analysis on $SOL or any other coin can join our Telegram channel.

Sol Price Chart August 2022
SOL Price Chart August 2022

Closing Thoughts

Discipline and Patience are the most important components of a successful trade. According to the above analysis, the coins we discussed might make you decent gains if other market conditions prevail favorably. Again, it’s your hard-earned money that you’ll be using. Do Your Own Research before investing.

Disclaimer: Our analysis is for educational purposes.

Pratyaksh
Pratyaksh

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