Solana is an open-source project that uses the permissionless aspect of blockchain technology to build decentralized financial solutions (DeFi). The Solana protocol seeks to make developing decentralized applications easier (DApps).
Solana intends to increase scalability by combining a proof-of-history (PoH) consensus with the blockchain’s underlying proof-of-stake (PoS) consensus. Both small-time and institutional traders are interested in Solana’s new hybrid consensus approach. The Solana Foundation is working hard to expand the availability of decentralized money. In recent months, the increased number of network disruptions has had a significant influence on Solana‘s network. For one thing, the network’s total value locked (TVL) has plummeted by 24% in the last month. Other outages have occurred in Solana in the past. In January, for example, it experienced an 18-hour outage. In 2021, it experienced many multi-day failures, causing substantial network interruptions. Let us review the SOL price
SOL Price Prediction
Bullish Scenario: On Monday morning, the price of SOL remained steady, despite the network failures. The price of the SOL coin is currently $87.50, up about 5% from its low point in April but it has been steadily declining in recent months. The price is approaching $81.03, a critical support level that has proven difficult to breach this year. In the next days, we may see a retest of this level, and if the $99.78 resistance level is broken, we may witness a move towards $117.28, $136.97, and higher.
Bearish Scenario: SOL’s price continues to decrease, while it remains near the crucial support level. The price is still under pressure near the downtrend line. We don’t have a strong bullish bias for the long-term because SOL has been in a decline for a few months. If the $81.03 support level fails to hold, the price will fall to $61.44, $42.84, and even lower.
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