Bitcoin exchange rate rose on Wednesday to nearly 34 thousand dollars US , says “Prime” with reference to data Binance Exchange. Experts expect that the cost of the world’s most famous cryptocurrency may approach $ 35.8 thousand in the evening, the agency writes.
In the short term, the actions of the Chinese authorities may cause additional volatility in the cryptocurrency market, the expert said. According to him, the cost of bitcoin may fall even below $ 30 thousand. But in the long term, the cryptocurrency will grow in price, 34 thousand dollars per unit is far from the limit, Denis Smirnov is sure.
But coins like SOL still hold the demand range, and yet a great choice of retain or mid-level investors. Lets see a deep technical analysis of SOLONA, forecast for 2021-2022, What is Solana, Daily R/S for SOL for day trading.
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.
The Solana protocol is designed to facilitate decentralized app (DApp) creation. It aims to improve scalability by introducing a proof-of-history (PoH) consensus combined with the underlying proof-of-stake (PoS) consensus of the blockchain.
Because of the innovative hybrid consensus model, Solana enjoys interest from small-time traders and institutional traders alike. A significant focus for the Solana Foundation is to make decentralized finance accessible on a larger scale.
Failed to HOLD EMA 200, will it recover quickly
Its look like any other market or altcoins, SOL is also facing downfall due to FUD caused by Elon and Chinese Governments. Though SOL is one of the gem to buy, store or hold or a longer period if you a retail investor.
As shown in above charting, there are 2 upcoming Buy opportunities in SOL. One is based on trend line and previous Resistance and Support levels, where as the other one is based on the RSI indicator which is about to enter in “OVER SOLD” zone.
HISTORICAL ANALYSIS OF SOLANA PRICES
Since its inception, Solana has undertaken five different funding rounds for its SOL tokens with four private sales. The first round of seed funding was held on April 5, 2018, raising $ 3.17 million. This later culminated in two separate Series A funding rounds announced on July 9, 2018, which raised nearly $ 20 million from large investment funds and venture capital firms. Two more sales took place in February and March 2020, resulting in an additional $ 4 million raised.
According to CoinMarketCap, Solana SOL tokens are among the newest cryptocurrency projects launched recently, with the earliest trading data since April 10, 2020. Therefore, you should always take extra care when moving to a new market. Soon after it started publicly trading, SOL sank to an all-time low of $ 0.5052 on May 11, 2020.
However, it didn’t take long for SOL to start parabolic rallies around mid-2020 before it hit an all-time high of $ 4.9400 on September 1, 2020.
Since hitting its all-time highs, SOL has since corrected downward before rising rapidly again at the end of December 2020. At the time of writing (January 15, 2021), the SOL price was $ 3.3600, which means an increase. 24-hour drop 0.86%.
According to Messari , if you bought SOL during a public sale in 2020 at $ 0.2200 per token – although the first round of seed capital in 2018 valued SOL at just $ 0.0400 – you’d get a staggering ROI of $ 1427. , 27% ..
Compared to its trading value, today’s SOL price will be just 32.08% below its all-time high and an impressive 564.81% gain from its all-time low. SOL was designed as a deflationary asset with a limited supply of 500,000,000 SOL. However, Solana has also programmed a burning algorithm to reduce its total, thus reducing its total circulation to 488 630 611 SOL at the time of writing.
The current circulating supply is 261,900,137 SOL, which puts Solana’s market cap at $ 879,539,929, making it the 44th largest cryptocurrency.
SOLANA PRICE PREDICTION FOR 2021
We were able to piece together a very optimistic sentiment from the available algorithmic models based on technical factors associated with Solana SOL tokens. Seeing how much attention has been drawn to decentralized financial platforms that have just increased to $ 22 billion in locked-in value since January 2021, Solana represents a robust Ethereum alternative for apps and platforms that are aiming for rapid growth. Hence, we can see SOL break the all-time high around mid-2021.
SOLANA PRICE PREDICTION FOR 2023
The biggest problem against Solana so far is that well-established blockchains like Ethereum or EOS will be rolling out much-needed updates to their network to solve excruciating scalability issues, including slow processing times and high fees. However, many of Solana’s innovations can still put it on a solid footing over its peers, including long-awaited updates bringing better cross-chain compatibility between Solana and other blockchains powered by its SOL tokens.
SOLANA PRICE PREDICTION FOR 2025
It’s hard to predict how much the financial world will change in four long years, but we would bet big on the value of decentralization gaining more acceptance in most of our daily lives thanks to the massive adoption of Decentralized Finance (DeFi) and wider deployment. decentralized applications (dAPP). Solana’s high scalability makes it a reliable choice for future-oriented platforms. As the national currency of this versatile and powerful blockchain, SOL is a very attractive investment opportunity.
