When the price of a cryptocurrency rises so quickly, it's always difficult to know whether we're about to see an equally dramatic fall. This is what I am expecting to happen looking at the SOL Price Chart. Currently the Green candles does give a nice look to the day trading.
Solana is a third-generation blockchain that supports an array of DeFi solutions, including the development of decentralized applications (DApps) and smart contracts. Unlike other blockchains, Solana uses a hybrid consensus algorithm that combines proof-of-history (PoH) with proof-of-stake (PoS), enabling the network to carry out up to 50,000 transactions per second.
SOL is the crypto currency for Solana project which is considered to be a strong competitor for Ethereum blockchain. Solana (SOL) is on a tear at the moment, hitting all-time high after one over the another.
It is one of the notable performer in recent weeks, hitting a high of $190. The SOL cryptocurrency is now the 7th largest crypto by market cap. From a mere $22 in July to $190 is a rapid surge in prices. The recent rally has been accompanied by surging volumes, suggesting further highs may be on the horizon.
With the volatile market nature, it is always risk to the put the money. I am waiting to get the SOL Price correction to put some money, but seems it is always on rise. Even when the entire market crashed yesterday, it is the only coin which was in Green, since last evening , the price of SOL marginally fall to $174 from $180, which shows the strong project nature.
There are over 400 projects built on Solana's network, including various decentralized finance (DeFi) applications. Though most of the DApps are currently stuck on the Ethereum platform due to its composability, many are looking for alternatives given how expensive and slow it’s become, which put Solana in picture.
SOL works similarly to how ETH is used on Ethereum, but holders stake the token in order to validate transactions through the PoS consensus mechanism. With so much growing prospect, I do not see any harm in putting money on this project. But what is the best price to bet on ??
I already missed to invest on BNB when it was trading at $28, I saw it rises to $700. Now same thing I am noticing on SOL, the price is moving very rapidly and $22 to $190 has achieved in no time.
Well, I am hoping to see a little more price correction in recent bitcoin plunging, and I am ready to grab it on first chance. Keeping a strong project like SOL in portfolio is no harm.
@steemflow