The Solana blockchain is considered an efficient, secure, fast, censorship-resistant, and highly automated system that supports global adoption. Decentralizing the network by providing computing resources to validate transactions or storing redundant ledge data is the mission of the validator.
Currently, Solana (SOL) price is $242.16 with a market capitalization of $72,865,813,984, putting it in a commendable position of the global cryptocurrency rankings.
History of Solana
Anatoly Yakovenko, the founder of Solana, published a whitepaper draft detailing a new timekeeping method for distributed systems dubbed Proof of History (PoH) in late 2017. The inability to reach consensus on transaction order is one of the limitations of bitcoin and ethereum blockchains, In Anatoly’s opinion, his new methodology could automate the transaction ordering process for blockchains. This was a major component of enabling crypto networks to grow beyond their capabilities at the time.
Also Read: With $ 75 billion, solana passes Tether as the fourth-most valuable cryptocurrency
Solana (SOL) price prediction
Currently, there is a level of resistance at $258.688, the next resistance will be $264.212, and a strong support level will be $ 233.502 and afterward $227.978.
If Solana (SOL) price fails to break through this resistance level, the price may retest the current support levels before further descending to the next support level of $233.502. A break of this level may lead Bitcoin to move down further to $227.978.
It’s apparent that Solana (SOL) price is likely to move upwards from its current level, with bearish indicators showing. The Solana price will likely move down towards $ 205.882 in the near future.
Solana Recent updates
- FTX and Solana Ecosystem investments for WonderFi
This programmable blockchain from Solana is capable of running up to 50,000 transactions per second and is directly competing with Ethereum in the decentralized financial sector (“DeFi”), gaming, payments, and other areas..
- Several factors point to Solana surpassing Cardano’s market capitalization:
Cardano sits on a weak support level, whereas Solana is poised to move up in the coming days. Based on available data, SOL might need just $1 billion of total market value to get ahead of ADA when it comes to market cap.
