Solana Price Up By 9.05% – Time To Buy SOL Coin?

The crypto market is making a comeback and the Solana price is riding on the wings of the market’s resurgence. This has seen several investors want to buy SOL. The increasing use cases of the Solana blockchain is a pointer to rising interest from investors in the popular Ethereum rival. So, what does the future hold for Solana and is the time right to buy SOL?

Solana: Breaking the DeFi Monopoly

Founded by Anatoly Yavenko in 2017, the Solana blockchain was created with the intention of promoting decentralized finance (DeFi) services to the teeming crypto public. However, Solana faced stiff competition from the more popular decentralized applications (dApps) facilitator namely the Ethereum network.

The second most valuable crypto asset is the most recognized blockchain brand in DeFi and non-fungible token (NFT) sub-sectors with over 3,000 top-ranking dApp platforms being hosted on its protocol. However, Solana blockchain set out to break this monopoly and so far this year, it has been largely successful.

Its success is mainly tied to a number of factors surrounding its setup. Solana, unlike Ethereum, uses a proof-of-stake (PoS) consensus protocol which makes it faster than the older dApp platform. It also utilizes a proof-of-history (PoH) timing mechanism made from Bitcoin’s SHA 256 hashing algorithm.

This twin consensus algorithms see Solana average a base throughput of 50,000 transactions per second (TPS) and a maximum of 65,000 TPS. Yavenko says the blockchain intends to move this up to 700,000 TPS in the near future.

Added to the faster transaction time is the low-cost developers pay to build on the Solana blockchain. Its use of PoS consensus makes it energy-efficient and it has a low carbon footprint.

This is in contrast with the Ethereum network that still relies on the proof-of-work (PoW) protocol. Solana has continued to hit major milestones with a slew of integrations with new and established dApps pushing the price of the SOL token over the roof.

SOL Price Breaking Beyond The Consolidation Phase

SOL price has been anything but ordinary with the ETH rival breaking major records in a market condition that saw Bitcoin rally more than 5% at a stretch. With DeFi and NFT adoption picking up, more attention has been paid to the multi-chain and highly scalable blockchain.

This propelled the price of SOL to jump more than 500% in a single month and the digital asset hitting a major price milestone of $214.46 in early September.

Following on the back of its remarkable price gain, SOL moved up the crypto ranks of the most valuable cryptocurrencies displacing the likes of Polkadot and meme coin DOGE to take up the seventh spot.

Despite its blockchain crash that saw it go offline for 20 hours, Solana has been able to retain its $43 billion market cap.
At press time, SOL is trading at $147.25, up 9.05% in the last 24 hours. Weekly gains stand at a handsome 7.13% following a severe market downturn in the tail-end of last week.

More investors are becoming convinced of the platform’s capabilities and want to buy SOL and we think you should too.

SOL Technical And Fundamental Analysis

SOL’s technicals show a bull season coming on full course. Although it is currently trading below the 20-day moving average (MA) support price of $156.22, the bullish uptrend could see it surpass that price peg as the days roll by.

A relative strength index (RSI) figure of 53.51 shows investors’ intent to buy SOL and increases the possibility of SOL hitting a bullish streak as the crypto market recovers from the impact of China’s crypto ban. Fundamentally, the Solana blockchain has been one of the most prolific blockchains, announcing major partnerships and integrations almost on a weekly basis.

The protocol recently announced the launch of the world’s first and only decentralized, encrypted messaging and over-the-counter (OTC) trading app dubbed ‘Secretum’. Secretum enables anonymous and direct messaging through phone or video with other wallet owners.

Also, users can now trade crypto on a P2P escrow smart contract functionality and earn rewards for using the app. With the ‘Ethereum killer’ now gaining blockchain popularity, this might be a great time to buy SOL before it hits a major price level.

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