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 $236.618 with a market capitalization of $71,782,026,686, 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.
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Solana (SOL) price prediction
Currently, there is a level of resistance at $247.414, the next resistance will be $253.143, 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 $230.481. A break of this level may lead Bitcoin to move down further to $219.277.
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 $219.277 in the near future.
Solana Recent updates
With Solana’s $100M investment, Reddit co-founder bets big on social media projects
Alexis Ohanian, Reddit’s co-founder, has confirmed his backing of social media projects using the Solana blockchain. Ohanian made the announcement in a chat with Solana’s Raj Gokal at the Breakpoint Conference in Lisbon.
Solana NFT space gets new apps, games, marketplaces from Kin:
A decentralized cryptocurrency, Kin, has added NFTs to empower apps and drive consumer engagement. Within the Kin Ecosystem, you can view a variety of NFT initiatives and projects, all of which play a part in a larger picture.