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Cryptocurrency News

Solana (SOL): Still the Flag Bearer of DeFi Cryptocurrency

Solana was materialized in 2017 and launched for the public using an ICO in 2020. The current holding pattern includes 260 million in the circulation of the total corpus of 480 million tokens. Its combination of the Proof of History concept and Proof of Stake has created a hybrid concept that only aids in Improved scalability but also ensures a lower transaction time. Its ultra-fast transactions have impressed organizations and institutions. 

Solana’s leadership stance over the DeFi and Decentralized Applications systems and holding the rank of 8th largest cryptocurrency with a 30 billion USD value highlights the might in terms of market capitalization. SOL cryptocurrency became one of the fastest-growing cryptocurrencies in 2021, but since hitting its all-time high of November 6th, there seems to be some issue pushing it down in terms of value. Solana has withered over 62% of its value since its peak in November 2021.

SOL Chart

Over its one-year time period, the SOL token is up by over 600%, even after falling by more than 62% since November of 2021. In such time frames, the price action seems to have undergone a profit booking enforced by different scenarios around the crypto-space. The price trend seems to have turned into profit booking. With each price hitting the 30 DMA curve, profit booking is ensured. At its current value, SOL seems to have found support near its psychological level of $100. At current valuation, SOL seems attractive, but there has been only a meager indication of reversal from $90 levels. Traders should read more about the fundamentals and technicals for the possible growth in the following years. 

Since its 30 DMA curve seems to be a deciding factor forcing the sell-off, waiting for the prices to overcome this curve would provide a positive buying stance. Rather than focusing on the value, the buying price using an uptrend indication will provide a better opportunity of increasing one’s investment.

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