Solana Price Prediction: SOL Gains Marginally as Outlook Turns Neutral
The Current Price of Solana is:
A Quick Summary of Solana’s position in the market
– Market Cap: $11.19 Billion (Lower in Last 24 Hours)
– Rank amongst all Cryptocurrencies: 9th
– Competitors of Solana: Ethereum, Cardano, and Polkadot
– Current Performance: Over Performer [Compared to Bitcoin and Cardano]
SOL Price Prediction: Today’s Outlook
What is special about Solana?
Solana (SOL) is a decentralized blockchain platform hosting hundreds of DApps and DeFi solutions.Solana utilizes a hybrid of proof-of-stake (PoS) and proof-of-history (PoH) consensus models that facilitate the network to process max.50,000 transactions per second.
Solana’s performance Analysis
As BTC plunged below $20k today, SOL and ADA continued to outperform ETH in the last 5 days
In 2021, SOL witnessed a meteoric rise of over 6,000%, posting an all-time high of $260 in November 2021.However, after a remarkable year, SOL’s price fell severely due to technical glitches.In the first quarter of 2022, it was priced at just over $150.
The price of SOL was very volatile due to back-to-back network outages.
Solana Price Prediction, Next 7 Days, 2022, 2025 and 2030, June 23rd
Will Solana Recover?
Some observations from the table below.In 2022,
– Whenever both Cardano and Solana have fallen, Solana has fallen more
– Whenever both Solana and Cardano have risen, Solana has risen much more.
Solana Price Prediction 2022
The Solana Blockchain metrics
– [NFT Sales continue] to be robust though they appeared to have slowed down this month
– [TVL has been falling for months now with little recovery]
– Network revenues are also down by a huge margin
On all metrics, Solana trails Ethereum by a huge margin but is ahead of Cardano.
Both Cardano and Ethereum are coming up with upgrades this month.The delayed Ethereum Merge is now due in August while the Cardano Vasil Hard Fork is due by the end of the month.
However, it is unclear if these upgrades will change the market dynamic.
The Micro and Macro problems
Solana’s repeated security and technical issues have caused immense harm to $SOL.The fact that they occur at an alarming regularity is a major risk as far as Solana is concerned.
The Macro issue has been discussed and done to death, higher rates and inflation have caused many investors to pull out of both cryptocurrencies and stocks.This is likely to continue for some time and is the single biggest factor why cryptocurrencies are struggling.
Security issues aside, Solana has many things going in its favor including TVL, NFT Sales, and Network revenues.These should recover once the economy gets better.
We believe Crude Oil prices should fall in August or later which is when Solana should benefit from increased transactions.We also believe that Solana will outperform Cardano.
Cardano may be better tech but Solana is better at commercialization.
On the other hand, if Solana’s network outages continue, its chances of recovery will keep diminishing.
Solana Price Prediction: Technical Analysis
The current Technical Recommendation is Buy
Solana Google Search Interest
Google Search volume for Solana is lower than yesterday
[Please move the cursor to the chart to see the latest value and compare it with the same time yesterday]
Read: Cardano Price Prediction
SOL Solana Price Prediction: Market Cap and Volume Data
Read CRO Price Prediction
Latest Solana Technical Analysis Video
SOL Price Prediction: Latest Solana Tweet
Originally tweeted by OTBalance (tweets ≠ financial advice) ( @BalanceOt ) on July 2, 2022 .
YOUR PRIVATE TRADING ASSISTANT 🚀
[#AI] look at hourly charts $SOL [#SOL]
The long bear-run from 2022/06/28 at 14 pm to 2022/06/30 at 13 pm has ended with a bottom at the 30.88…
Just choose your coin and be an expert!
[#crypto] [#trading]
CHECK
Solana Price Prediction: Social Media Buzz
Solana Prediction: Social Media Sentiment
Note: Crowdwisdom360 collates Predictions and data from all over the net and has no in-house view on the likely trends in the Index or Individual Stocks.
Please consult a registered investment advisor to guide you on your financial decisions.
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