- Solana price prediction remains bullish above the $68.45 level as the upward trendline extends support.
- Solana claims that it can process up to 50,000 transactions per second (TPS).
- Forex trading market participants should look for a buy trade above the $68.45 level.
On Thursday, the SOL/USD is trading slightly bearish at the 71.15 level. The day before, SOL/USD closed at $74.146 after placing a high of $80.063 and a low of $60.232. The pair moved to its all-time high on Wednesday, above the $80 level. The accelerated adoption of network support buying. Solana price prediction remains bullish above the $68.45 level as the upward trendline extends support.
If you are interested in trading SOL/USD with forex robots, check out our guide.
Solana’s comparison with the Ethereum network underpins SOL/USD
Solana has been established as a competitor to the Ethereum network to provide a service platform for building decentralized applications. Like Polkadot and Cardano, Solana also claims to be an ETH-killer as it allows for faster and more efficient services.
Solana claims that it can process up to 50,000 transactions per second (TPS) and rivals itself with the popular Visa Card that can process 65,000 TPS. According to Solanabeach.io, the network is currently handling only 6,100 TPS.
Solana’s roof-of-history consensus mechanism
The feature that distinguishes Solana from other cryptocurrencies is the proof-of-history consensus mechanism for adding new transactions to the blockchain. This feature spares the requirement for validators to agree on timing. It shows a particular event at a specific time automatically.
This feature allows for incredible speed and security. Thus, making Solana unique in its mechanism. Besides, the comparatively lower prices make it better than Ethereum.
All these unique features of Solana have been a reason behind its accelerated adoption, which added to the value of its token SOL. This has also attracted users to decentralized applications like the NFT marketplace Solanart, built on the Solana network.
Solana’s cross-chain Wormhole Boosts SOLA/USD Demand
The recent rally in Solana prices can be attributed to the launch of Solana’s cross-chain called Wormhole. This connects the network of Solana with the decentralized finance network and supports the inner-blockchain message transfer.
The launch went live on August 9, and since then, Solana has seen a massive rally in its prices. The market capitalization of the Solana network is also increasing at a fast pace, and it is close to reaching $2 billion.
Solana Price Prediction – Daily Technical Levels
Support Resistance
62.899 82.730
51.650 91.312
43.068 102.560
Pivot Point: 71.481
Solana Price Prediction – Upward Trendline Support at $68.45
Solana price prediction remains neutral. However, the odds of a bullish trend continuation will prevail as long as the SOL/USD is above the $68.45 support level.
On the 3-hour timeframe, the SOL/USD pair is forming Doji and spinning top candles that demonstrate indecision among investors. The upward trendline on the 3-hour timeframe and the 50 day EMA (exponential moving average – red line) support a bullish trend.
On the other hand, the oscillator indicator Stoashtic RSI is signaling a selling bias among investors. Therefore, the breakout of support or immediate resistance levels will determine further trends in Solana.
On the bearish side, a breakout of the 68.45 support level could open additional room for selling until the 60.43 level. At the same time, the SOL/USD pair can bounce off until the resistance level of 80 if it survives over 68.45.
Therefore, the Forex trading market participants should look for a buy trade above the $68.45 level. The initial target remains at $76 and $80. Alternatively, sell-stop can be placed at $68 to capture selling until 60.40.
All the best.
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