Solana is a highly functional open source project that banks on blockchain technology’s permissionless nature to provide decentralized finance (DeFi) solutions. The Solana protocol is designed to facilitate decentralized app (DApp) creation. It aims to improve scalability by introducing a proof-of-history (PoH) consensus combined with the underlying proof-of-stake (PoS) consensus of the blockchain.
Solana Labs completed a $314.2 million fundraise back in June 2021 (that amount raised is a play on the number Pi). Investors included Andreessen Horowitz, Polychain Capital, FTX via Alameda Research and CoinShares. In Anatoly Yakovenko’s view (founder of Solana) users could even one day use their own hardware to tap into the network in order to access financial market data as quickly as professional trading firms with access to exchange data.
"The network guarantees as close as possible to an impossible problem, which is that information propagates equally to everybody at the same speed," he said.
Technically, Solana made an all-time high on the 9th of September at a price of 216 USDT per SOL. After that we are seeing the price of the cryptocurrency making a wave down in this area marking a potential higher degree correction. For this week we give a higher probability of the price testing the support area marked on the chart. However if the orange trendline is broken and a consolidation happens in that area we could see a continuation to the upside with a new all-time high in the making.
Trade with care.
Best regards,
Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
Solana Labs completed a $314.2 million fundraise back in June 2021 (that amount raised is a play on the number Pi). Investors included Andreessen Horowitz, Polychain Capital, FTX via Alameda Research and CoinShares. In Anatoly Yakovenko’s view (founder of Solana) users could even one day use their own hardware to tap into the network in order to access financial market data as quickly as professional trading firms with access to exchange data.
"The network guarantees as close as possible to an impossible problem, which is that information propagates equally to everybody at the same speed," he said.
Technically, Solana made an all-time high on the 9th of September at a price of 216 USDT per SOL. After that we are seeing the price of the cryptocurrency making a wave down in this area marking a potential higher degree correction. For this week we give a higher probability of the price testing the support area marked on the chart. However if the orange trendline is broken and a consolidation happens in that area we could see a continuation to the upside with a new all-time high in the making.
Trade with care.
Best regards,
Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
