The price of Solana has been in a tight range for the last few days as Bitcoin has stabilized around $19,000. The price of SOL cryptocurrency has increased by about 6% in the past week. After peaking at $70 billion, the cryptocurrency’s price has plummeted by over 90 percent from its all-time high to a value of about $11.3 billion.
Solaris is a prominent smart contract platform that has been dubbed the “Ethereum Killer” in some circles. It is a platform that uses a number of steps to evaluate but provides a unique result that can be verified publicly.
Since it can process thousands of transactions per second (tps), Solana is well-known for its high throughput. Solana is a highly secure platform that is frequently used to create all sorts of programs. Solana has completed over 82 billion transactions, according to its website. Each transaction costs roughly $0.00025, on average.
Solana, unlike other chains, has been used to create apps that are used all over the world. The most popular is Brave, which has over 50 million monthly users. Solana was also employed to create StepN, a rapidly growing move-to-earn platform.
Solana was used to create Magic Eden, a rapidly growing non-fungible token (NFT) marketplace, which is the most recent example. Magic Eden recently raised $130 million from investors. This gives it a market cap of over $1.6 billion.
Magic Eden has surpassed OpenSea as a serious challenger. The platform’s total transaction volume has increased to over $1.6 billion, according to DappRadar. The ecosystem’s trader population has increased to over 807,000 individuals.
However, despite this, investors are concerned that the volume of DeFi and NFTs transactions has decreased. The value of Solana’s DeFi applications is limited to around $3 billion. One of its DeFi platforms, Solend, has had a liquidity crisis.
Price prediction of the Solana
The SOL price has been drifting sideways for the past few days, according to the 4H chart. The coin has been trading above the 25- and 50-day moving averages for some time. Although the decline has been steep, it is still well below last week’s high of $43.05. Solana also has a bearish pennant pattern, like Safemoon, and its Relative Strength Index (RSI) has settled at 50 after moving to the neutral point.
Given these circumstances, there’s a good chance that Solana will break out to the bearish side in July. If this happens, the next key support level to watch will be $26.15, which is roughly 22% below the current price.