Solana Price Up By 2.99% – Time To Buy SOL Coin?
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The SOL token of the Solana blockchain has seen one of the most impressive gains over the last 24 hours. While several major coins plummeted, the token has surged, giving investors reasons to buy SOL. This article highlights some reasons why investors should consider SOL for future returns.
Solana’s Fast-Growing Ecosystem In DeFi Sector
The Solana blockchain aims to provide decentralized finance (DeFi) solutions by promoting the creation of decentralized applications (dapps) on its platform.
The network is focused on improving scalability issues by introducing a proof-of-history (PoH) consensus combined with the underlying proof-of-stake (PoS) consensus of the blockchain.
The Solana network and SOL token were released in 2020 and developed by Anatoly Yakovenko and Greg Fitzgerald. Yakovenko had teamed up with Fitzgerald to launch tech firm Solana Labs in 2017 before developing the Solana protocol itself.
Solana has seen wide adoption since its inception. currently has no less than 200 dApps building on its platform. Some of them include Nova Finance, Symmetry, and Solaris. These solid integrations with top dApps have seen several investors scramble to buy SOL.
Solana is run by the Solana Foundation, which has its headquarters in Geneva, Switzerland.
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SOL Starting A New Bull Run
The SOL token is trading at $35.00 and is up by 2.99% on the daily chart. This comeback has seen several investors want to buy SOL. Solana is the 14th largest cryptocurrency with a market cap of $9 billion.
The SOL token started the year at $1.851 before surging to an all-time high (ATH) of $55.91 on May 18.
However, it could not retain this price due to the crypto market crash, as it dipped to $28.6 by the end of May.
A week ago, SOL was trading at a price of only $27.82, but the present surge shows a positive recovery.
SOL’s Technical And Fundamental Analysis
The SOL token looks strong on the trading chart. With a 20-day moving average (MA) price of $35.08, it is in the bullish zone. SOL is presently trading above its 200-day MA at $34.85.
The asset’s relative strength index (RSI) stands at 44.81. This means that it is trading below the overbought level and this may be a great time to buy SOL.
The Solana ecosystem has seen multiple positive developments in terms of investments and integration lately.
Few days ago, Solana-based stablecoin exchange Saber raised $7.7 million from high-profile investors.
Today @Saber_HQ announced a $7.7M strategic fundraise. As the leading stablecoin and wrapped assets exchange on @Solana, our mission is to be the liquidity network for cross-chain DeFi.https://t.co/orDGsmAVIr
— Dylan Macalinao (@DylanMacalinao) July 27, 2021
Some of them include billionaire Chamath Palihapitiya’s Social Capital, Jump Capital and the Solana Foundation. Derivatives marketplace Bitfinex recently announced the launch of a perpetual contract for Solana as one of the products for its platform.
The Solana blockchain is also taking strategic steps to expand its customer base.
According to a report, the blockchain platform is planning on launching a hackathon in India this month. The three-week event is meant to boost blockchain involvement and subsequently incentivize developers in the country to build on the Solana network.
