• Tue. Jun 18th, 2024

Solana at a Crossroads: Will SOL Go up or Consolidate?

Solana

 

Solana


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Wondering what Solana’s future projections look like? We give you all the facts right here!

The bankruptcy of a popular cryptocurrency exchange, FTX, in 2022 caused a temporary price dip. Despite the chaos around Solana, the blockchain network witnessed a sharp rise in 2023 and is back with a bang as the coin has rejoined an uptrend with massive gains as high as 100%. In this article, we will discuss the reason behind Solana’s meteoric rise and whether it will continue to remain green. 

Solana’s price action since 2023

Solana is the next-gen blockchain-based crypto platform that has revolutionized the digital world with its cutting-edge Proof of History consensus mechanism. It can deliver more than 50,000 transactions per second with high scalability, low latency, and cost-effectiveness. Solana has become an appealing blockchain platform for developers looking for high-traffic solutions. 

SOL, the network’s token, has gained momentum among traders and investors. With 0.4 second block time, a low entry barrier of $3k to $4k hardware, and 500 nodes, the Solana ecosystem has become a significant player in the DeFi Blockchain space. Solana is ranked 11 in the cryptocurrency market, with a valuation of $25.03 and a market capitalization of $9,316,001,255. 


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Solana crypto has projected strong potential right from the beginning of 2023, with massive gains of more than 100% in the initial weeks of the year. The 30-day SOL price history suggests an increase of 43.19% in the token’s value, with a minimum price of $12.8 and a maximum price of $14.2 on average.

Solana’s integration with Google Cloud

Google Cloud recently announced its integration with Solana by running a validator on the Solana blockchain and working towards adding new features aimed at incorporating more node runners and developers on Solana. SOL has risen by 12% and changed hands at about $36.80. This information was referenced from this article posted by Cryptonewsz.

Google Cloud posted a Twitter thread that revealed running an SOL validator to validate and participate in the network. It also plans to bring the platform’s Blockchain Node Engine to the Solana Blockchain in 2023. It will function as a fully-managed node hosting service that supports Ethereum networks. This integration with Google Cloud shows Solana’s strong fundamentals, making the platform a go-to blockchain system for enterprise adoption. 

Solana ecosystem growth in Q2 

The growth strategy of the Solana Foundation focuses on expanding the ecosystem. For this, the developers have accumulated over $600 million in seed funding in the last two years. The growth initiatives of Solana to enhance its ecosystem include the following – 

  • Convertible Grants: SOL introduced new methods for funding to support various projects in the SOL ecosystem. These funding methods have convertible grants that become valuable investments if any project achieves certain growth objectives and milestones. 
  • Grizzlython: A global hackathon with prizes worth $5 million, it is one of the largest hackathons in the history of the Solana Foundation. In Q2, lucky winners won generous prizes, and their names were announced on several tracks, including Web3, infrastructure and tooling, mobile, GameFi, DeFi, NFTs, and beyond. 

Will Solana hold its $26 support level?

While capturing the price action of Solana, it shows the price ceiling and the breakout level of Q1/Q2 with the lows of June 2022. There has been a recent cool-off that has eased the breakout level at $26. The price prediction on a 4-hour chart projected a range-bound formation exceeding $26. It suggests a rally if Bitcoin remains bullish. 

Hence, the zone between $26 and $28 is an area of possibility for a bullish trend looking to open long positions that target resistance levels of $34 or $39. However, any breach below the price ceiling in Q1/Q2 ($26) will likely weaken the daily market structure timeframe. This move could attract sellers to devaluate SOL towards $20 or $23.9.

Wondering what Solana’s future projections look like? We give you all the facts right here!

The bankruptcy of a popular cryptocurrency exchange, FTX, in 2022 caused a temporary price dip. Despite the chaos around Solana, the blockchain network witnessed a sharp rise in 2023 and is back with a bang as the coin has rejoined an uptrend with massive gains as high as 100%. In this article, we will discuss the reason behind Solana’s meteoric rise and whether it will continue to remain green. 

Solana’s price action since 2023

Solana is the next-gen blockchain-based crypto platform that has revolutionized the digital world with its cutting-edge Proof of History consensus mechanism. It can deliver more than 50,000 transactions per second with high scalability, low latency, and cost-effectiveness. Solana has become an appealing blockchain platform for developers looking for high-traffic solutions. 

SOL, the network’s token, has gained momentum among traders and investors. With 0.4 second block time, a low entry barrier of $3k to $4k hardware, and 500 nodes, the Solana ecosystem has become a significant player in the DeFi Blockchain space. Solana is ranked 11 in the cryptocurrency market, with a valuation of $25.03 and a market capitalization of $9,316,001,255. 

Solana crypto has projected strong potential right from the beginning of 2023, with massive gains of more than 100% in the initial weeks of the year. The 30-day SOL price history suggests an increase of 43.19% in the token’s value, with a minimum price of $12.8 and a maximum price of $14.2 on average.

Solana’s integration with Google Cloud

Google Cloud recently announced its integration with Solana by running a validator on the Solana blockchain and working towards adding new features aimed at incorporating more node runners and developers on Solana. SOL has risen by 12% and changed hands at about $36.80. This information was referenced from this article posted by Cryptonewsz.

Google Cloud posted a Twitter thread that revealed running an SOL validator to validate and participate in the network. It also plans to bring the platform’s Blockchain Node Engine to the Solana Blockchain in 2023. It will function as a fully-managed node hosting service that supports Ethereum networks. This integration with Google Cloud shows Solana’s strong fundamentals, making the platform a go-to blockchain system for enterprise adoption. 

Solana ecosystem growth in Q2 

The growth strategy of the Solana Foundation focuses on expanding the ecosystem. For this, the developers have accumulated over $600 million in seed funding in the last two years. The growth initiatives of Solana to enhance its ecosystem include the following – 

  • Convertible Grants: SOL introduced new methods for funding to support various projects in the SOL ecosystem. These funding methods have convertible grants that become valuable investments if any project achieves certain growth objectives and milestones. 
  • Grizzlython: A global hackathon with prizes worth $5 million, it is one of the largest hackathons in the history of the Solana Foundation. In Q2, lucky winners won generous prizes, and their names were announced on several tracks, including Web3, infrastructure and tooling, mobile, GameFi, DeFi, NFTs, and beyond. 

Will Solana hold its $26 support level?

While capturing the price action of Solana, it shows the price ceiling and the breakout level of Q1/Q2 with the lows of June 2022. There has been a recent cool-off that has eased the breakout level at $26. The price prediction on a 4-hour chart projected a range-bound formation exceeding $26. It suggests a rally if Bitcoin remains bullish. 

Hence, the zone between $26 and $28 is an area of possibility for a bullish trend looking to open long positions that target resistance levels of $34 or $39. However, any breach below the price ceiling in Q1/Q2 ($26) will likely weaken the daily market structure timeframe. This move could attract sellers to devaluate SOL towards $20 or $23.9.

 


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Kevin Moore - E-Crypto News Editor

Kevin Moore - E-Crypto News Editor

Kevin Moore is the main author and editor for E-Crypto News.