Price Predictions

Solana(SOL)/USDT Price Prediction: 11 December 2021

Overview

Ethereum, which at present heads the world of Decentralization is on a constant radar due to its limitations. Addressing some of its issues other blockchains came into existence, giving a very tough competition to Ethereum blockchain. Solana is one of these blockchains which offers quick transactions at very lower costs. Founded in 2017, Solana blockchain is an open-source platform that supports decentralized applications.

Solana’s native cryptocurrency with a ticker symbol SOL coin has surged remarkably since its inception in 2020. The SOL token has a market cap of over $50 billion and resides within the top 10 cryptocurrency lists. Solana crypto price is known for a quick recovery whenever the token experienced a steep plunge. Therefore, SOL coin price prediction in the long term stands extremely bullish and could also smash the $500 milestone amid the bull rally. 

Solana(SOL) Fundamental Analysis

Solana blockchain works on the concept of Proof-of-Stake and also includes the Proof-of-History for faster transaction speed. Co-founder Anatoly Yakovenko published a whitepaper in 2017 and explained the PoH concept. The PoH is nothing but verifying the process of the transactions based on the passage of time between the events. It mainly intends to pass the time into the ledger being trustless. 

Similar to Ethereum, Solana supports Smart Contracts which are very crucial to run emerging technologies like Decentralized Finance or Non-Fungible tokens, etc. The Solana blockchain is designed to satisfy the main three components required for a blockchain, scalable, secure, and decentralization. The transactions Solana blockchain can handle is around 710,000 TPS in contrast with Ethereum with only 15 TPS. Moreover, the average transaction fees are much lower than that of Ethereum. 

Will Solana(SOL) Price Hit $500 In 2021?

Solana coin price traded around $1 for nearly 6 months since its inception. Further, the 2021 bull rally did give some additional boost and hence the SOL token price surged more than 4000%. However, the May crash trembled the asset to a large extent which plunged more than 180%. Further, the SOL token underwent a gigantic rally of more than 1100% to hit highs around $260.

Ever since then the SOL price was trending above the strong support levels around $183. Yet the recent dip in the price dropped below these regions, dragging the price close to $170. Currently, both RSI and MACD display a bearish trend which could end very soon. The RSI is ranging towards the lower levels and MACD showcases the mounting selling pressure. And hence the Solana price may experience a slight pullback in the next couple of days. However, the asset appears to be pre-programmed to undergo a notable bull run once it breaks through the consolidation. 

Additional Read: Solana Technical Analysis

Factors Affecting Solana(SOL) Price Today

Solana is the fastest growing blockchain in the world and also the fastest expanding ecosystem in the crypto space. More than 400 DeFi, NFT, Web3, etc projects are currently functioning or being built on the Solana network. And hence many investors have also staked their SOL to contribute towards the network developments and earn interest. 

Solana is widely considered as a popular alternative to Ethereum among the other options like Polkadot, Avalanche, etc. Ethereum was the first to launch the Smart Contracts to space, however, the acute congestion and expensive transactions compelled the people to look out for another alternative for Ethereum. 

Considering the technicals, both RSI and MACD currently showcase a bearish trend, yet could flip any time from now. RSI is about to visit the lower levels while MACD manifests mounting selling pressure. The selling tends to get exhausted at some point and this is when the bulls are expected to enter and uplift the price. 

Where to buy Solana(SOL)

Solana token in recent times has become very popular and the gigantic surge has attracted huge investors onto the platform. Therefore, almost all the popular exchanges have listed the asset within no time. However, if you want to invest in Solana cryptocurrency and search for a reliable platform, CoinDCX is the best-suited platform. 

CoinDCX is India’s most trusted cryptocurrency exchange that offers hassle-free trades at affordable prices. The CoinDCX mobile app provides a wide range of assets at a single touch. Just download the app on your smartphone and register following a few simple steps. 


Disclaimer: The above views, information represent the independent views of Primestack Pte. Ltd, Neblio Technologies Pvt. Ltd, and/or their affiliate entities and are for informational/ educational purposes only. The content, information or data provided above is not an offer, or solicitation of an offer, to invest in, or to buy or sell any interest or shares, digital assets/ cryptocurrencies or securities, or to participate in any investment or trading strategy. Any statement or communication made above shall not be treated as legal, financial, investment or tax advice by the reader. The calculations, data, risk-return formulations, performance or market capitalization indicators captured above are based on the independent data sourcing including collation of public information and/or analysis performed by analysts, advisors or employees of Primestack Pte. Ltd/ Neblio Technologies Pvt. Ltd and/or their affiliate companies and/or any third party. Past performance is not indicative of any future results. The reader(s) are hereby advised to consult their financial/ legal/ tax advisor(s) before making any investment.


 

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