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Solana is a high-throughput blockchain based on the Proof-of-History (PoH) and Proof-of-Stake (PoS) consensus mechanisms. Built by a team of networking engineers, Solana aims to become the blockchain infrastructure for modern internet applications.
Solana is a general-purpose blockchain similar to Ethereum. It has a different technical underlying such that developers write applications using Rust instead of Solidity or Vyper. End-user applications as of now include decentralized finance (DeFi), non-fungible tokens (NFT), marketplaces, games, and more.
One of its biggest features is its scalability: Solana is able to process over 700,000 transactions per second. Its high throughput capability appeals to high-frequency traders. The first use case for DeFi applications on Solana is Serum, built by the team behind FTX.
Solana’s native currency is SOL. Solana (SOL) is used to pay for transaction fees and staking in order to support the network.
While Solana has been on a high note, it did experience some setbacks with network outages lasting as long as over 16 hours on September 15th, 2021. The Solana team and node operators coordinated a reset in order to revive the network.
The price of SOL launched on the Binance Exchange in August 2020, at a price of $2.80. The price pretty much went sideways until January 2021. From there, it pretty much went parabolic, hitting an all-time high in November 2021, at $260. Since then, the price has dropped with the rest of the market, hitting a low of $76 in February 2021. Currently, the price is at $104, but importantly, it is about to break out of the descending resistance trend line from November 2021. A targeted take-profit area will be at the 0.618 Fibonacci retracement level of $189.
Secondly, if you look at the SOL/ BTC chart, we see a similar setup as the USDT chart, where SOL is breaking the daily descending resistance line, which comes from November 2021.
Solana showed phenomenal gains in its early days, achieving a 10x within about a year of its launch. From its bottoming out until now, there has been plenty of time to accumulate in preparation for what might come. We have already started to see some bullish moves from Luna, FTM, and some other Layer-1s over the last couple of days, and it looks like SOL is about to do the same.