Solana is an open-source project that creates decentralised financial (DeFi) solutions by utilising the permissionless nature of blockchain technology.
The Solana protocol aims to simplify the development of decentralised applications (DApps). By merging a proof-of-history (PoH) consensus with the blockchain’s underlying proof-of-stake (PoS) consensus, it aims to improve scalability. Solana’s novel hybrid consensus process has piqued the interest of both small-time traders and institutional traders. The Solana Foundation is making strenuous efforts to make decentralised money more widely available. Let us review the SOL price
SOL Price Prediction
Bullish Scenario: The current price behavior of the SOL reveals consolidation signals that could lead to a trend reversal. Since last month, SOL has increased by more than 75% in price and is currently undergoing a lower time frame correction. If SOL manages to break over the resistance level at $129.79 after retracements to the $100 price level, the short-term outlook will be bullish. With sufficient buying activity, a break above the $148.29 price barrier will lead to a rise to $16
Bearish Scenario: We don’t have a strong bearish bias for the short term because SOL has been in an uptrend for the past month. On a higher time frame, it is still in a downtrend, so we cannot dismiss bearish scenarios. If the $98.54 support level fails to hold, the price will sooner or later fall to $90.41, $81.21, and even lower.
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