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- 1 Solana Phone Sales saw a growth of more than 10x in the last 24 hours
- 2 The SOL coin price made a recovery of 280%
- 3 The 50-day EMA has done a bullish crossover with the 150-day EMA.
Solana is a fast and decentralized blockchain that competes with Ethereum, especially after Ethereum moves to Proof-of-Stake. Solana has introduced several novel approaches, including the Proof-of-History mechanism that sets it apart from other Layer 1 blockchains.
The native coin of Solana is SOL, which is used to pay transaction fees within the network. The Solana Foundation supports the Solana project.
Solana’s consensus model is based on Proof-of-Stake, which has been modified with eight new key innovations. The Proof-of-History mechanism is the core innovation that underlies Solana, allowing for the creation of historical records that prove that an event has occurred at a specific moment in time.
What is VDF in Solana?
Unlike validators of other blockchains that have to communicate with each other to agree that time has passed, each Solana validator maintains its clock. These clocks consist of a Verifiable Delay Function (VDF).
A VDF requires a specific number of sequential steps, which a Solana validator has to work through. Even with powerful computers, these steps can only be sped up by approximately 30%. The result of a VDF proves that a minimum amount of time has passed, which allows for the chronological order of all the VDF outcomes.
Solana Phone Sales Skyrocketed
There was a frenzy to pick up a free memecoin airdrop, causing Solana Saga phones to sell out on the official website for the first time. Solana co-founder Raj Gokal tweeted on Thursday that Saga sales have increased more than 10 times in the past 48 hours, and are now expected to sell out before the end of the year. The surge in sales is so significant that Gokal’s colleague, Anatoly Yakovenko, tweeted that they need to increase the price to meet the demand.
Technical Analysis & Prediction of SOL Coin Price
Solana coin’s price has undergone an aggressive recovery, reaching a new year high of $79.5. It accounts for approximately 280% growth since it surged from $21.7 despite the short-term price action being full of turbulence,
The SOL coin price maintains an overall uptrend. With the bullish run crossing the $75 mark, buyers are indicating a new breakout at $80. The Support levels for the SOL bulls will be at $51.08 and $32.20.
Before the immediate support level, the 50-day EMA will come forward for the bulls, as it has already made a bullish crossover with the 150-day EMA. However, the bullish investors can face some rejection on the resistance levels which are at $79.8 and $133.
Conclusion
Solana is a fast and decentralized blockchain that competes with Ethereum. Each Solana validator maintains its clock. There was a frenzy to pick up a free memecoin airdrop, causing Solana Saga phones to sell out. Solana’s price has undergone an aggressive recovery, reaching a new-year high of $79.5.
Technical Levels
- Support Levels: $51.08 and $32.20.
- Resistance Levels: $79.8 and $133.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading in stocks, cryptos or related indexes comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
