Solana Price Analysis
Solana price today is $156.81 USD with a 24-hour trading volume of $3,775,000 USDas of writing.
Solana is down 3.61% in the last 24 hours.
The current ranking according to CoinMarketCap #7, with a live market cap of $46,649,987,888 USD. It has a circulating supply of 296,967,509.13 SOL.
What Is Solana (SOL)?
Solana is a highly functional open source project that banks on blockchain technology’s permissionless nature to provide decentralized finance (DeFi) solutions. While the idea and initial work on the project began in 2017, Solana was officially launched in March 2020 by the Solana Foundation with headquarters in Geneva, Switzerland.
What makes Solana different?
Solana is known in the cryptocurrency space because of the incredibly short processing times the blockchain offers. Solana’s hybrid protocol allows for significantly decreased validation times for both transaction and smart contract execution. With lightning-fast processing times, Solana has attracted a lot of institutional interest as well.
The Solana protocol is intended to serve both small-time users and enterprise customers alike. One of Solana’s main promises to customers is that they will not be surprised by increased fees and taxes. The protocol is designed in such a way as to have low transaction costs while still guaranteeing scalability and fast processing.
Technical Annalysis:
We can see price bouncing above the trendline and until it breaks below that we see it in uptrend.
We are looking buy entries at appropriate price with tight stops.
SOL/USD – Buy around 140.25
Stop Loss – Below 128.00
Target – Around 167.00