Solana (SOL) has been showing good growth over the past 24 hours, according to market tracker CoinMarketCap. In 24 hours, the price rose 4.42% to $53.79, counteracting a 7-day decline of 27.40%.
Against Bitcoin (BTC) and Etherium (ETH), Solana has gained 4.93% and 5.40% respectively at the time of writing.
SOL is currently worth approximately 0.001813 BTC and 0.02668 ETH.
Solana ( SOL) is a blockchain protocol designed to enable ubiquitous use of the DeFi ecosystem.
It also supports NFTs, which are steadily growing in popularity. Solana offers services similar to the Ethereum protocol, however there are some differences.
Solana uses a hybrid blockchain architecture that uses a Proof-of-Stake (PoS) consensus mechanism and a Proof-of-History (PoH) algorithm for time synchronization. This makes the protocol faster (throughput reaches 50,000 transactions per second), as well as inexpensive and more environmentally viable than the Ethereum PoW blockchain.
Due to its speed and low fees, SOL has started to be in demand among developers.
Over time, the project has developed into a global ecosystem that includes more than three hundred projects. Here are decentralized exchanges, lending protocols, betting platforms, games, data storage solutions, NFT trading platforms and much more.
Even such a well-known project as DeFi-enabled Maps.Me works on the Solana blockchain.
The market capitalization of SOL is now $18,163,174,754, which puts the currency in the 8th place in the list of the largest cryptocurrencies. The daily trading volume showed a jump of 22.92%, amounting to $1,955,113,121 per day.
8 EMA acting as resistance for SOL (Source: TradingView)
The 8-day EMA on the daily chart for SOL/USDT seems to be acting as a resistance level for the SOL price as the SOL price tends to break the line. Over the past 5 days, the SOL market has also received more buying. However, the bearish trend continues to dominate at the moment.
If the price of SOL breaks the 8 EMA line, a trend reversal will occur. A slight pullback is expected over the next two days. As long as the pullback is less than the move from $45 to $58, SOL will have an opportunity to rise to $70 after the 8 EMA break.
Popular cryptanalysts and market commentary note that Solana (SOL) is likely to be the main competitor of Ethereum (ETH), and therefore can be insurance against it. With a market cap of 1/12 of Ethereum, Solana is attractive to investors.
In addition to this, Solana has the widest selection of decentralized applications of any network.
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