Top Five Promising Solana Project to Watch
Solana is one of the most popular blockchains and has garnered a lot of attention over the last few years. It also boasts a massive ecosystem that can handle transactions at great speed.
Due to this, as of September, it had more than 350 projects operating on it. Let’s get some insight into the blockchain before going over the projects with huge prospects.
What is Solana?
Often described as “the Ethereum Killer,” Solana shares a few similarities with the said blockchain but claims to be different.
It was created to increase throughput beyond what other blockchain technology could only hope to achieve while maintaining decentralization, cheap costs, and security. These were the same principles the ETH founder proposed for his project.
While earlier blockchains used proof-of-work and proof-of-stake for validation or to process transactions, Solana uses proof-of-history.
This process outperforms several other methods in terms of power efficiency. It also resolves the issue of time agreement that plagues the majority of distributed systems. As a result, it boasts more than 65,000 TPS with each transaction costing as little as $0.50.
Although there are issues with Solana’s reliability, it is still one of the most sorted after blockchain.
With a brief overview of the ecosystem, let’s go over top assets with huge potential.
Solana price over the last twenty-eight days was not short of drama. After concluding the previous months with notable increases, many expected more price performance.
The first day of the session saw the coin register notable changes in value as it opened at $23.9 and surged to a high of $25.2. Although it closed a little lower, it saw a more than 4% increase.
It made more attempts at flipping key resistance during the next intraday session as we noticed it peaked at $26. However, it retraced and closed with losses of more than 2%. After this performance, we noticed no further improvement in price.
It got worse on the ninth day of the month as it opened at $23 and saw a massive decrease in value. It lost the $20 support and dipped to a low of $19.9. It reclaimed the said mark, but recorded losses of almost 12%.
Two days later, we noticed a more than 3% increase. This also marked the start of a bullish run as the asset attempted to reclaim the lost levels. At the peak of the trend, it flipped the $27 resistance.
It is worth noting that SOL also had its biggest surge on the fifteenth day of the month. It closed with gains of more than 9%. Nonetheless, after it peaked, the altcoin started a decline that reflected on the chart as bull flag.
As at the time of writing, we noticed that Solana is seeing an increased demand concentration at $21.7. This is especially true as we noticed more than three attempts at breaking the support.
If it continues to hold to the mark, it may be a launchpad at further price increases. This possibility is also looking more realistic as indicators support this claim.
The first is the Moving Average. The 200-day MA is on an uptrend and may intercept the 50-day MA during the next month.
Chainlink kicked off the previous month with notable increases. It peaked at $7.27 after it opened at $6.95. Although it retraced, it recorded gains of more than 3%.
Like Solana, it attempted flipping another key resistance during the next intraday session. However, it retraced and dipped lower than its opening price. It also failed to register any notable change in worth during the session.
On the ninth day of the month, we noticed another attempt at a key level. This time, it was en route to $9 but fell short at $7.81. As a result of the bearish sentiment during that intraday session, it retraced lower than its opening price and lost more than 2%.
Four days later, it lost the $6.50 support and dipped to a low of $6.43 but failed to record any notable change in value. During the next intraday session, it had a similar performance but had a green candle.
As the asset tried to recoup the lost levels, this also signaled the beginning of a bullish run. It reversed the $27 resistance at the trend’s height.
Notably, SOL also experienced its largest increase on the fifteenth day of the month. It gained more than 9% as it closed. Yet, the altcoin began a slide once it reached its top, which is seen on the chart as a bull flag.
As of the writing of this article, Solana is experiencing a higher concentration of demand at $21.7. This is particularly relevant because we found evidence of more than three attempts to break the support.