Solana is an open-source blockchain available for building solutions on, such as decentralized applications (DApps). The Solana blockchain’s technological makeup was formed around a prioritization of speed and scalability, in tandem with decentralization. SOL is both the name and the ticker symbol of Solana’s native coin. “Solana price” most directly refers to the price of the blockchain’s SOL coin.
History The Solana blockchain is the result of work by Anatoly Yakovenko that began in 2017. One of the Solana blockchain’s key features is its proof-of-history (PoH) technology, which it uses in tandem with a proof-of-stake (PoS) consensus mechanism.
Yakovenko first explained PoH on paper, publishing his work in 2017, which subsequently snowballed into the formation of the Solana blockchain project, with other minds joining the project’s development along the way. The Solana blockchain was built using the Rust programming language.
The beta version of the blockchain’s mainnet went live in 2020.
Solana’s technology The Solana blockchain is similar to the Ethereum blockchain in that both can be used as a base to build solutions, and both networks allow smart contract functionality. Solana, however, aims for significantly larger scalability through a number of technical differences.
The Solana blockchain touts eight specific features, including PoH, Cloudbreak and Sealevel. PoH, one of the pivotal features differentiating the Solana blockchain, essentially removes the burden of time synchronization during the complex process of blockchain consensus, therefore allowing the process to speed up considerably. The Solana blockchain can reportedly handle 50,000 transactions per second.
Solana’s SOL coin serves multiple purposes, such as network governance and as a method of fee payment. SOL holders can become network validators, or they can stake their SOL coins without becoming a validator.
Bitcoin’s rejection at $66K and the break below the 200-day moving average suggest that bearish sentiment is gaining strength.
If the price fails to hold the $60K support, the likelihood of a mid-term decline toward the $52K-$55K zone increases.
Technical Analysis By Shayan
The Daily Chart On the daily chart, Bitcoin’s surge above both the 100-day and 200-day moving averages briefly revived bullish sentiment.
However, upon reaching the $66K resistance zone, substantial selling pressure emerged, halting the uptrend. This area has historically served as a robust multi-month resistance, and Bitcoin’s failure to surpass it resulted in a significant rejection.
Currently, Bitcoin is trading below the 200-day moving average of $63.4K and resting on the 100-day moving average of around $61K. This zone is critical, as the $60K support region is both psychological and substantial.
If Bitcoin breaks below this barrier, a mid-term decline toward the $52K-$55K range becomes likely. This area represents the next major support level and could be the target if bearish momentum continues.
btc_price_chart_1010241 Source: TradingView The 4-Hour Chart On the 4-hour chart, Bitcoin’s surge was met with heavy resistance in the 0.618-0.786 Fibonacci OTE retracement zone, which corresponds to the $66K price level.
This selling pressure led to a sharp rejection, resulting in a 10% decline. The presence of sellers near the $66K level indicates that it remains a formidable barrier, acting as a key resistance level in the broader market outlook.
As a result, Bitcoin is expected to enter a short-term consolidation phase, with the $60K psychological support being the next crucial level to watch. If Bitcoin holds above this support, it may consolidate before attempting another upward move. However, if the $60K support is breached, a deeper retracement toward the $55K level becomes highly probable, marking a potential shift to a sustained bearish trend.
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