Solana Rises Despite Bitcoin Price Drop » Crypto Insiders

One of the most notable cryptocurrencies today is Solana (SOL). At premium environment for members, our analyst also managed to draw a very good technical analysis here, which is still valid at the moment. Where most of the market shows significant amounts in the red, Solana is one of the only coins to show a positive result. The cryptocurrency is up about 2% in the last 24 hours. Over the last seven days, we even saw a 23% increase. Solana is ranked sixth for market value at the time of this writing.

What is Solana (SUN)?

What Solana wants to achieve is to solve the scalability problems of decentralized networks. They want to ensure this by providing a way for a network to process more transactions per second than it currently can. Of course, this is very important if we finally want to be able to do all our daily expenses through cryptocurrencies. For example, we couldn’t wait half an hour in a store for the transaction to be confirmed and the merchant to receive the money.

Solana is also a platform on which other projects can be built and on which smart contract can be redacted. This is similar to Ethereum (ETH) and is therefore also why Solana uses the ‘ethereum killer‘ is named.

Why is the value of Solana (SOL) increasing?

A possible reason for the increase could be this message may have been posted on Solana’s official Twitter account. This indicates that Solana non-fungible tokens (NFT) will become tradable on Opensea in April. Of course, this is good news as Opensea is one of the largest NFT markets in the world. The fact that Solana’s name is now mentioned here as well provides a lot of new exposure. Also, we all know that the NFT sector is doing very well in recent months.

In addition, there are a number of additional aspects that can drive up the price. One of them is that there is a lot of interest in Solana from the institutional parties. grayscale recently made a background which approximately half consists only of Solana. Also, Solana is another entered into cooperation with Krafton, developer of the game PUBG: Battlegrounds. This means that Solana will also be exploring the gaming sector. So only good news for this cryptocurrency.

Solana Technical Analysis (SOL)

If we look at the chart of SOL, we see a number of striking things. For example, the price managed to break out at the top of the descending triangle pattern, which is a good sign. From that moment on, the price almost does nothing but go up. At the moment, however, we continue to see some resistance at $132.41. Previously, this was a support level earlier this year and around September and October of last year. If we were to break above this, $148.58 would be the next major level. Here we expect to find support at $132.41. For up-to-date technical analysis from our analyst AppY-Crypto, take a look at the premium environment for members

How do I determine the right time to buy SOL?

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