Solana, which has poised itself as the next blockchain leader due to its high speed and efficiency, has made significant gains since its launch. Most of these gains were realized because of the high transaction speed of the network, given that Solana can process over 50,000 transactions per second.
Solana is trading at $27.39 at the time of writing after a 7.2% gain.
Solana Price Analysis
Solana has managed to stay above critical support levels after the slight it has made in the past 24 hours. The coin is now poised to retest the next resistance at $28 if the current market support holds. If SOL breaks out past this level, it needs to go past $32 for bulls to be strong enough.
Currently, buyers are accumulating SOL because of the uptrend; hence a bullish rally, at least for the short term, could be recorded.
On the downside, Solana’s uptrend could be short-lived if market support fails at this point, in which case Solana will retest the lower support of $22. The coin needs to maintain its price above this support because dipping below $20 could create a sharp bearish trend that could significantly affect SOL in the long term.
Bison Trails, a blockchain infrastructure arm of Coinbase, announced a huge development for SOL. The platform created a Query & Transact node on Solana that will positively impact the expansion of the SOL network.
Solana’s superiority over Ethereum has created a demand from developers within Ethereum who want to tap into Solana’s efficiency. Neon Ethereum Virtual Machine (EVM) is the latest blockchain solution to make it easy for dApps on Ethereum to move to Solana. Expansion on the Solana blockchain will have a positive impact on SOL prices.
We are delighted to announce #neon, an Ethereum Virtual Machine (evm) scalability solution built on @solana. Neon lets developers take advantage of the #Ethereum and #Solana ecosystems, as easily as deploying to existing eth Layer 2 scaling solutions. /1 pic.twitter.com/uJZj61wZb3
— Neon Labs (@neonlabsorg) July 20, 2021
Where to Buy SOL
To purchase SOL, you need to create a cryptocurrency exchange account. Some of the platforms that support Solana include:
eToro is a reputable cryptocurrency exchange that offers a wide range of features to its holders. eToro charges low trading fees, and like most exchanges, it allows new traders to copy seasoned traders’ trading strategies, hence increasing their chances of making profits.
The other exchange that supports SOL is OKEx. OKEx is also another leading exchange in terms of trading volumes. Its user interface is friendly so that traders have an easy time making trades.
Looking to buy or trade Crypto now? Invest at eToro!
75% of retail investor accounts lose money when trading CFDs with this provider