Solana price rejected from $175 as bulls fight to secure support at $160.
- Ripple bulls suffered another blow while attempting to break the resistance at $0.12 over the weekend.
The cryptocurrency market is dotted red and green, but as reported, Bitcoin’s winning streak has remained intact. Despite Bitcoin rising to levels above $62,000, most altcoins are exhibiting consolidation movements. For instance, Ethereum is stuck below $4,000, notwithstanding the support at $3,800.
Shiba Inu bulls are not ready to give up control, as they push for gains above $0.00003. The token back to the 12th position with a market cap of $14 billion. Over the last 24 hours, SHIB has grown by roughly 7%.
Solana teeters marginally below $160 following a correction from resistance at $175, encountered during the weekend. Before the rally to this level, SOL sought support at $130 amid a grave danger of dropping to $115 (crucial support in September).
The 61.8% Fibonacci level is in a position to provide Solana with immediate support. Note that with such an anchor in place, bulls are expected to invigorate the uptrend and place SOL back into the trajectory to $175, a move that can quickly be stretched to $200.
In addition, the overall technical picture appears to be leaning on the bullish side. The MACD, however, must keep holding above the mean line to accentuate the bulls’ grip on SOL.
Solana is also trading above the moving averages, with the 50 SMA following close to prevent losses from stretching far below the 61.8% support. A confirmed break above $160 will likely add weight to the buyers’ ability to stay in the cockpit.
SOL/USD Daily Chart
Ripple bulls keep showing resilience considering the frequent times they have tried to break above $1.2 and still failed in the last couple of weeks. The cross-border money transfer token trades at $1.09 at writing while testing the strength of the immediate support provided by the 50-day SMA.
As overhead pressure increases, XRP gets closer to tumbling to $1. Nevertheless, the 200-SMA is in line to provide the much-needed support. With this support staying in position, XRP has a higher chance of resuming the uptrend toward $1.4 in the near term.
XRP/USD Daily Chart
Realize that the RSI holds above the midline while the MACD is above the mean line. Sideways trading will likely come into the picture before bulls completely take control and push to regain the lost ground.
Solana (SOL) Ecosystem has Grown in Leaps and Bounds
Reportedly, the Solana ecosystem has grown in leaps and bounds — and new projects are starting all the time. Every Solana hackathon has been bigger than the last.
There are now more than 1,700 active developers building on Solana — everyone from crypto veterans to people who learned Rust over a weekend.
Community About Projects on Solana: Pay attention to fluxprotocol. It’s the next level oracle, fully decentralized. It will enrich DeFi on Solana, FLX token fair launch will be held on 1st Dec via balancer on copper launch.
Solanacash aims to accelerate the adoption of the Solana network around the world by adding more transaction capacity to the network. Key Features: Powered and deployed on Solana. Low Transaction Cost. Mobile App.
How to make Solana node, do you have some video? Solana is an amazing project. They prioritized continuous building over noise making. It’s the great work that they do behind the scenes in their ecosystem that is paying off now. But more work is also needed to sustain these achievements.
For clarity, for those new to ecosystem by DeFi: Solana SOL is a decentralized blockchain built to enable scalable, user-friendly apps for the world. Solana is the fastest blockchain in the world and is capable of supporting over 50,000 transactions per second (TPS) while maintaining block times of 400 milliseconds.
Comparing that to trad alternatives; Visa claims a max TPS of 24,000 and Mastercard 5,000 Solana can already operate at 10x the speed of Mastercard and transaction cost $0.00025 Visa/Mastercard charge anywhere between 0.1-2.5% of every transaction. The more you spend the more the fees.
With Solana – you pay a flat fee whether you transact $1 or $100 million. Moreover, it’s global. We don’t even want to start counting the fees banks charge on FX & conversion for international transactions and remittances. The World Bank actually thinks 7.68% fees is an accomplishment.
It is proven that Solana can scale to a whopping 710,000 TPS with today’s hardware and it only gets faster thanks to Moore’s Law. A unique selling point for Solana is that everything is on Layer 1 aka everything is in one giant place. Solana ensures compos-ability.
Between ecosystem projects by maintaining a single global state. This is extremely important for DeFi, NFTs, and the Metaverse – not having to deal with fragmented Layer 2 systems or sharded chains is a HUGE win as it expands the design space for devs.
The Solana Network Is Greener Than Google: Report
Solana has emerged as a viable alternative to a host of blockchains. In fact, the network is not only efficient when it comes to conducting transactions but is also greener than web browsing giant Google, at least according to a recent report.
At a time when the carbon footprint of Proof-of-Work (PoW) based assets has come under scanner, Solana’s latest Energy Use Report for November 2021 demonstrates a brand new trend taking shape that pushes towards a greener crypto sphere.
Solana Vs. Google: Which One’s Greener?
According to the report, the Solana Foundation determined that a single Solana transaction takes 0.00051 kWh or 1,836 Joules of energy. To put things into perspective, the report presented a myriad of activities that consumes more energy. For instance, a single Google search reportedly consumes around 1,080 Joules. Meaning, two Google searches would consume more energy than one transaction on the Solana network.
It does not end there. Transaction on Solana also requires 24 times less energy than charging a mobile phone. It is also less energy exhausting than keeping an LED light bulb on for one hour, which consumes around 36,000 Joules, as well as working for an hour with a computer and monitor, which takes around 46,800 Joules.
What’s even more interesting is that the entire Solana network only uses around 3,186,000 kWh per year. This is equivalent to the average electricity usage of 986 households in the USA.
Solana Vows Reduce Carbon Footprint
Meanwhile, leaders around the world are bickering about global efforts to minimize carbon emissions. For the cryptocurrency sector, the Solana Foundation appears to be keen on working towards carbon neutrality.
As such, the organization has vowed to reduce the SOL ecosystem’s environmental effects even further. Its plans for the remainder of 2021 include the introduction of a program to assist in making Solana’s validator network carbon neutral and offset the footprint of the ecosystem.
In addition to these steps, the foundation also revealed that it would release reports on the project’s energy stats periodically. In a nutshell, Solana appears as the faster and less energy-hungry alternative to Ethereum, which has been riddled with high gas fees and an electricity bill that burns a big hole in the pocket. The race is now towards merging efficiency and eco-friendly tech.
However, Solana is not the only one that is putting tremendous effort into going green. From prominent blockchain firm Ripple to Avalanche and Neon Labs, several platforms are working towards becoming energy-efficient.
Solana will become the next Bitcoin, says FTX CEO Sam Bankman Fried
- Sam Bankman-Fried told Kitco in an interview that the next Bitcoin would be a blockchain with high throughput like Solana and Avalanche.
- Though the Solana blockchain has failed to gain mass adoption, it is likely that it becomes the largest DeFi base layer.
- Institutions and influential investors are flocking to the Solana ecosystem, driving demand higher and increasing value captured by the altcoin.
- Analysts are bullish on SOL price, predicting a rally to $305 as the altcoin continues to climb.
The next Bitcoin has to be a blockchain with the potential to process thousands of transactions per second. Since the Solana blockchain can process 50,000 transactions per second, Sam Bankman-Fried sees potential in SOL becoming the next Bitcoin.
Analysts are bullish on Solana price, predict a rally to new all-time high
Solana price plunged below $200 in the Black Friday crypto bloodbath. The altcoin’s price has recovered from the drop and is trading close to $200 at the time of writing. There is a spike in institutional inflow and capital rotation into Solana over the past two months.
Influential investors are bullish on Solana, contributing to a rise in the altcoin’s adoption. In a recent interview with Kitco, Sam Bankman-Fried (SBF) lauded Solana for the protocol’s ability to scale to millions of transactions per second. The FTX CEO said that it makes Solana an integral part of cryptocurrency adoption and the next Bitcoin.
Solana’s scalability could help it evolve into the new Ethereum or Bitcoin, and SBF was quoted as saying,
I am optimistic about Solana. She has every chance of doing this, which is very interesting, I think.
@venturefounder, a cryptocurrency analyst, believes that Solana may end up rivaling Ethereum with a rise in institutional adoption.
#SOLANA is where many influential investors are betting on (including SBF & FTX), and it is fast and cheap to use
Cheap gas -> innovation -> value capture
GGSG is a blue-chip NFT for Solana, marketcap is tiny today, but if $SOL ends up rivaling $ETH, can easily go 10x from here pic.twitter.com/m1ToEzQPHi— venturefoundΞr (@venturefounder) November 26, 2021
Cryptocurrency analysts at “More Crypto Online” are bullish on Solana. Analysts have predicted a price rally to a new all-time high at $305 as the altcoin price trend reverses.
FXStreet analysts have evaluated the SOL price trend and predicted that by crossing $230, Solana could resume a parabolic trend.