Solana (SOL) Surges by 230% on a Year-to-Date Basis to Hit a New High
Solana, which has faster transaction speed and lower fees than Ethereum, has been favored by Defi users to run applications. Recently, its native token SOL set a new all-time high of $37.10.
Solana was founded in 2017 as a completely open-source public blockchain, designed to provide decentralize finance (DeFi) solutions in a scalable manner.
Solana's total transactions exceed 15 billion. Solana is capable of more than 1,000 transactions per second (TPS), which is about 60 times the current Ethereum network is capable of processing - about 15 TPS, according to data from Blockchair and Solana Beach.
The average block generation time of Solana is about 751 ms with a lower average transaction fee of $0.000005, which can handle transactions in most current scenarios, especially transactions in the DeFi field. With the rapid outbreak of the DeFi market, Solana, which has faster transaction speed and lower fees, has been favoured by many Defi users and institutional investors.
BKEX Global will list Solana (SOL) and the SOL/USDT aggregate trading pair at 15:00 UTC time, April 21, 2021.
The arrival of institutional investors has also contributed to the soaring price of Solana. Companies including Alameda Research, 3 Commas Capital, Raydium, One Block, and other companies have invested a total of $2 million to build the Step platform, allowing users to visualize, analyze, aggregate, and execute all transactions in Solana contracts.
Step Finance, the Solana ecological dashboard and asset management platform, has previously released an Alpha version. It will launch STEP tokens on the Solana network on April 24, 2021.
Solana (SOL) Price Analysis
Source: SOL/USD Daily via TradingView
Although the entire virtual currency market is in a downturn at the moment, Solana still maintains its own strong upward trend. Today, it broke through the previous high of $36.01 and once again set a new all-time high of $37.10.
So far, SOL's rate of return is very impressive, rising by more than 230% from $1.52 to $36.34 since the beginning of 2021. At the time of writing, SOL/USD is trading at $36.34.
Although prices fell at the beginning of April, Solana has regained its upward momentum. SOL's price has been particularly bullish, with the altcoin breaking through the previous consolidation phase.
The transaction price of SOL/USD is much higher than the Exponential Moving Average ribbon. Both the upward sloping moving average and the bullish MACD index indicate that the bulls are currently dominating the market.
The stochastic Relative Strength Index reversed its direction towards the overbought zone, which suggests that SOL may open a faster upward channel. In the case of overall market weakness, Solana's innovative high is likely to attract a large number of short-term speculators looking to earn a swing income. When Solana hits a new high, this will indicate that the altcoin will not encounter strong selling pressure on its way up.
It is very likely that Solana breaks through $45 in the short term.
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