It Is Not Impossible For SOL To Rise More Aggressively - Kakiforex.com - Financial Market Media No. 1 in the World It Is Not Impossible For SOL To Rise More Aggressively It Is Not Impossible For SOL To Rise More Aggressively
InstaForex

June 2, 2021

It Is Not Impossible For SOL To Rise More Aggressively

 The Solana protocol is designed to facilitate the creation of decentralized applications (DApps) that aim to increase scalability by introducing proof-of-history (PoH) consensus combined with proof-of-stake (PoS) components in helping network systems to track transactions more easy.


Solana is an idea from Anatoly Yakovenko, he also worked at Qualcomm and Dropbox before developing the platform. In fact, the organization is backed by a team with career backgrounds from the firms of Apple, Intel, Google, Microsoft, and Twitter.


It uses proof-of-stake (PoS) consensus which makes the platform capable of making transactions in excess of 50,000 to 60,000 in a second (transaction per second, TPS) with a low cost rate of around $ 0.00001 per transaction.


This factor gives an advantage to SOL because transaction processing in Bitcoin and Ethereum involves a relatively long time which takes 7 TPS and 15 TPS.


On the SOL/USDT price movement chart, it seems that the SOL price also did not lag behind to make a decline of more than 60% to test the support level around the $ 25 price after recording a jump of over 3,500% to record the latest all -time high (ATH) at the previous $ 58 price level on the start of the 2021 market is only around $ 2.


The bearish pattern that took place, was again truncated to make a rise when the SOL price movement made a jump over 25% after testing the $ 26- $ 28 support level to close the May trade around the $ 32 price.



The upward momentum continued at the opening of June trading, where SOL prices can be seen to re-test the SBR (support become resistance) level of $ 34- $ 36 and may provide more aggressive momentum for SOL to test the ATH level of $ 58 again.


However, for the SOL price to test the ATH $ 58 level, the price movement needs to break the SBR $ 34- $ 36 zone first and then test the SBR $ 40- $ 42 zone before heading to the next higher target.


Higher price increases will display signals and indications to investors that there will be clearer changes and will see prices resume the bullish trend as before.


If the price continues to decline again, the support level around $ 26- $ 28 will be tested before being assessed by investors to be the best zone in re-supporting a more drastic price increase or will make a lower decline.


But as of 5.30pm local time, the SOL price was slightly down around 6% to trade above the $ 30 price level.