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HomeNewsSolana is up 30%, overtaking Dogecoin

Solana is up 30%, overtaking Dogecoin – Cryptocurrency (SOL) continues its rapid surge this Friday. A growth of over 20 percent makes it the cryptocurrency with the best performance by far in the top 10. It could not defend its 7th place. The DOGE rate fell by 2.5 percent and so it was pushed to 8th place in the ranking.

Solana (SOL) hit a new all-time high of $ 143.75 on Friday, up 116 percent from its August 26 low of $ 66.

What is Solana?

Solana is a programmable blockchain, similar to, that can process multiple decentralized financial transactions at the same time. In contrast to a non-programmable blockchain, Solana and Ethereum offer the possibility of processing smart contracts. These can be programmed so that they only carry out transactions when certain conditions are met. As a programmable system, the decentralized blockchain platform enables users to exchange not only SOL coins, but also non-fungible tokens (NFT) and other digital assets.

Why is the price of Solana (SOL) rising so much?

The news surrounding Solana has been positive lately, while there are some advantages over other cryptocurrencies.

Success with NFTs: In August, the Solana network was the platform for the successful NFT project Degenerates Apes. It proved that Solana had a say in NFTs and got her some attention.

400 projects already in the network: There are currently over 400 projects, including DeFi, on the Solana network. This shows how popular this blockchain has already become among developers.

A strong alternative to Ethereum: Ethereum was the first programmable blockchain, i.e. H. a blockchain that supports other applications and cryptocurrencies. However, the ETH network has to contend with overloads and high fees. Therefore, developers and investors are looking for alternatives. They found this with the innovative Proof of History (PoH) process from Solana. There is only one other blockchain that PoH uses – SafeCoin. More on this in the article.

Solana ttechnical analysis: on the way to 155 dollars?

From a technical point of view, it is worth noting that Solana (SOL) broke the $ 130 resistance yesterday evening. This level now becomes immediate support. Further down is another support at $ 120 followed by the uptrend line from August 27th at $ 115.

A break below this level would call Solana’s short-term bullish profile into question. Analysis of the daily chart, however, suggests that the bias will remain bullish as long as Solana defends the important psychological level of $ 100 on a daily closing basis.

The next immediate target of the move up is the psychological $ 150 mark, followed by the 123.6 percent Fibonacci expansion of the rally from $ 22.11 to $ 143.67, which is found at $ 172.65.

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Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy / sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Hasan Sheikh
Hasan, who loves technology and games, is studying Computer Engineering at Delhi JNU. He has been writing technology news since 2016.


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