One of the most popular crypto Solana, has been on a downtrend for some time. So, what’s next in store for SOL investors and traders. Let’s Find out in the article below:
Solana Price Prediction
Sol is currently trading at $17.72 with a 24h volume of $396mn. The market cap stands at $7.4bn and the circulating supply is 405.7mn tokens. Let’s have a look at the chart for predicting the next move:
On a daily timeframe level the price action of $SOL forms out Bullish Harmonic Bat pattern level where the price action after breaking out the BOS level changes the trend level into the Lower Lows level
The 100 MOVING AVERAGE has flipped into the Resistance level.
Origin
Solana was created in 2017 by Anatoly Yakovenko, a former engineer at Qualcomm and Dropbox. He invented a new consensus mechanism called Proof-of-History (PoH), which uses timestamps to verify the sequence and duration of events on the blockchain. This enables Solana to achieve high speed and low latency without compromising security or decentralization.
Solana also uses Proof-of-Stake (PoS), the common consensus mechanism that rewards validators for staking their tokens to protect the network. Solana’s version of PoS is called Delegated Proof-of-Stake (DPoS), which allows token holders to delegate their stake to validators of their preference and share the rewards.
Solana has gained a lot of attention from developers, investors, and users, who see it as a viable competitor to Ethereum, the leading platform for DApps and smart contracts.
Profitability
Solana’s profitability is also reflected by its growing adoption and development. Solana hosts over 400 projects on its platform, covering various domains such as DeFi protocols, NFT marketplaces, and gaming platforms.
Some of the notable projects include Serum, a decentralized exchange co-founded by FTX CEO Sam Bankman-Fried; Audius, a decentralized music streaming service with over 6 million users; and Metaplex, a platform for creating and selling NFTs.
Conclusion
Solana is one of the most innovative and promising blockchain platforms in the crypto space, offering fast, scalable, and low-cost solutions for DApps and smart contracts. Solana has shown impressive profitability and growth, as well as resilience and recovery, in its price journey.
Solana has a bright future ahead as it continues to expand its adoption, development, and innovation. Solana is definitely a contender for the title of the Ethereum killer and a worthy investment for crypto enthusiasts.
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