Solana Price Analysis: Revisiting the September Network Outage

15 October 2021 | Updated: 15 October 2021

Solana (SOL) sent the cryptocurrency community into panic mode following its network outage in September, which sparked debates about centralized systems vs. decentralized systems and PoW networks vs. PoS systems.

That said, Solana presented a preliminary investigation report into the outage titled ‘9-14 Network Outage Initial Overview’ on September 20. A Report On the network detailed that: “The cause of the network stall was, in effect, a denial-of-service attack.

At 12:00 UTC, Grape Protocol launched their IDO on Raydium, and bots generated transactions that flooded the network. These transactions created a memory overflow, which caused many validators to crash, forcing the network to slow down and eventually stall.”

Solana claimed that its network could facilitate 710,000 transactions per second (TPS). However, the network outage and resource exhaustion occurred when the network reached a load of 400,000 TPS.

The Solana network combines the Proof of Stake (PoS) consensus mechanism with a unique proof-of-history (PoH) system. According to reports, the network went offline when the validator network could not agree on the existing state of the blockchain, preventing the network from confirming new blocks during the outage. That said, a similar incident occurred sometime in December 2020.

Key Solana Levels to Watch — October 15

SOL appears to have finally regained some bullish momentum after breaking above the 200 and 50 SMAs earlier today. The seventh-largest cryptocurrency now targets the critical $170 – $180 resistance zone.

SOLUSD – 4-Hour Chart

Interestingly, an ascending trendline has emerged since its fall to the $116 low in September, further bolstering the renewed bullish sentiment. Also, this bullish resumption comes with SOL in neutral trading conditions.

That said, a successful retake of the earlier mentioned resistance zone should solidify a steady ascent to the $216 all-time high over the coming weeks.

Meanwhile, our resistance levels are $170, $180, and $190, and our key support levels are $150, $146, and $140.

Total Market Capitalization: $2.42 trillion

Solana Market Capitalization: $47.5 billion

Solana Dominance: 1.96%

Market Rank: #7

 

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Solana Makes it to the Grayscale Investment Basket with 3.24% Allocation

4 October 2021 | Updated: 4 October 2021

Solana (SOL) could see a decent boost in the coming days as Grayscale Investments reorganizes its digital assets investment funds to create room for SOL and Uniswap (UNI). This development comes after the firm’s recent announcement on its “quarterly rebalancing of funds” for the Grayscale Digital Large Cap Fund and its DeFi Fund.

That said, the behemoth digital assets manager will slash portfolio funds for Litecoin and Bitcoin. The realized capital will get redirected into Solana and Uniswap in substantial portions.

This makes it the first time the $47 billion-strong digital assets manager will offer Solana-related products to its investors.

Solana, which boasts as the fastest blockchain in the world, will occupy 3.24% of the Grayscale investment basket. Meanwhile, UNI, the largest decentralized exchange (DEX) On Ethereum, will take up 1.06%. This undertaking makes SOL and UNI the fourth and fifth-largest complements of the Grayscale fund.

At the number one spot is Bitcoin (GBTC), controlling 62.2% of the Grayscale portfolio, while Ethereum takes the second spot with 26%. Cardano (ADA) comes at number three and accounts for 5.1% of the firm’s digital fund portfolio.

This move comes after an increased push for Solana’s investment products by institutional investors following its impressive performance. Solana stole the show in the altcoin space for monthly institutional capital inflows in September, raking in $59 million, eclipsing Ethereum’s $35 million figure despite Solana’s network outage in September.

Key Solana Levels to Watch — October 4

Along with most of the industry, SOL has recorded a decent recovery from its recent fall and has reclaimed the $170 area. That said, the price has fallen into a slight correction amid mild profit-taking by bulls.

SOLUSD – 4-Hour Chart

Based on our MACD indicator, we could record a sustained pullback towards the $160 – $150 region over the coming hours or days. However, a sharp bullish rally should come after this correction, considering the imminent formation of a bullish golden cross on our 4-hour chart.

Meanwhile, our resistance levels are $170, $180, and $190, and our key support levels are $160, $150, and $146.

Total Market Capitalization: $2.11 trillion

Solana Market Capitalization: $49.3 billion

Solana Dominance: 2.3%

Market Rank: #6

 

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Solana Records $2.5 Billion in Circulating USDC Supply

13 September 2021 | Updated: 13 September 2021

Solana (SOL) recorded a meteoric rise this year, mainly because of the NFT boom recorded in recent months. However, new developments show that an increase in USDC (USD Coin) circulating the network also plays a role in the price boom.

Recent data from the Solana explorer showed that the current account of circulating supply of USDC on the network is close to $2.5 billion.

Commenting on the topic, Co-Founder and CEO of Circle, the host company behind the dollar-pegged stablecoin, Jeremy Allaire, noted that the supply of USDC on Solana spiked from $1 billion to $2 billion in just a few days.

The executive also noted that the struggle to integrate USDC on the Solana network was part of the team’s plan to introduce “Multichain USDC, forming partnerships with [many] important chains.” Allaire added that they recognized Solana as one of the best platforms to push their objective because of “the scale, speed, and cost-efficiency the chain could bring to USDC.”

As mentioned earlier, the growing number of USDC on Solana’s network has had a significant impact on the blockchain and, by extension, the native token—SOL.

SOL currently trades up by over 2,000% on a year-to-date basis and recently peaked at $216.

Key Solana Levels to Watch — September 13

SOL has fallen back to the $150 area as the crypto market turns crimson on Monday. This momentum comes shortly after a prolonged sideways bias between $190 and $170 over the past few days, following a sharp rejection from the $216 all-time high last Thursday.

SOLUSD – 4-Hour Chart

That said, bulls need to sustain the price above the ascending trendline and the $146 support over the coming hours or days to prevent bears from strengthening their grip in the market.

Meanwhile, our resistance levels are $170, $180, and $190, and our key support levels are $146, $130, and $120.

Total Market Capitalization: $2.04 trillion

Solana Market Capitalization: $46.9 billion

Solana Dominance: 2.3%

Market Rank: #7

 

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Solana Breaks Record High After High, Overtakes Dogecoin in Cap Ranking

3 September 2021 | Updated: 3 September 2021

Solana (SOL) is, without a doubt, one of the top performers in the crypto industry this year. After clearing record highs after record highs, SOL has overthrown Dogecoin to become the seventh-largest cryptocurrency.

Touted as one of the fastest-growing blockchain platforms currently, Solana has become a stronghold name and preferred platform for many top DeFi projects and NFTs. Capitalizing on the boom in the DeFi and NFT spaces, Solana has boosted its use cases, which has pushed the price of its native cryptocurrency (SOL) to significant heights.

In late July, SOL fell to a $20 low. While most cryptos have rebounded by 50% to 100%, the seventh-largest cryptocurrency has significantly outperformed almost all other coins. It took SOL just two weeks from its July crash to double its value against the USD. However, it kept on its bullish course and touched the $100 mark for the first time in late August, a whopping 400% gain in under a month. However, the cryptocurrency remained steadfast and continued its ascent to $140 in the past 24 hours, a 600% increase since July 20.

A more impressive performance of the token is its year-to-date standings. Starting 2021 at around $1.5, SOL has had a meteoric rise of over 9,000% YTD.

Key Solana Levels to Watch — September 3

Solana is in an intense bullish mode amid growing demand for the SOL. The seventh-largest cryptocurrency is currently in price-discovery condition as it courses uncharted territories, giving it a massive potential to record more significant highs. However, our MACD indicator shows that the cryptocurrency has overheated and needs to let off some steam in a correction.

SOLUSD – 4-Hour Chart

That said, we could see a bearish correction towards the $120 level or lower over the weekend.

Meanwhile, our resistance levels are $146, $160, and $170, and our key support levels are $130, $120, and $110.

Total Market Capitalization: $2.27 trillion

Solana Market Capitalization: $41.6 billion

Solana Dominance: 1.83%

Market Rank: #7

 

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Solana Continues Rally Amid DeFi and NFT Frenzy

31 August 2021 | Updated: 31 August 2021

Solana (SOL) continues to clear new record highs despite the mild market-wide bearish sentiment. Analysts suggest that several fundamental factors are behind the recent boom in SOL.

One of such factors is the unveiling of the ‘Ignition’ event scheduled to take place later today till October 8. Given the buzz around it, this event could boost investor optimism even higher, further sending SOL to record highs.

With a price of $118 (at press time), Solana is a strong competitor to Ethereum in the DeFi industry. SOL currently trades up by 19% intraday-wide and +50% this week, pushing it to become the eighth-largest cryptocurrency by market cap.

While the purpose of Ignition is not confirmed, speculators suggest that it could vary between a liquidity mining program and the provision of grants for developers working on DeFi projects or NFT creators.

Solana Becomes Preferred Blockchain by Many Thanks to Network Speeds and Efficiency

On a year-to-date basis, Solana has grown by over 6,000%, making it one of the best-performing networks in 2021. The meteoric rise in DeFi and NFTs remains the biggest driver of the network’s boom, as the network became one of the most used for developing such projects, thanks to its network speeds and efficiencies.

With many crypto investors looking to diversify from cryptocurrency trading, DEXs, DeFi projects, and NFTs have soared significantly, dragging Solana along. An example of such projects on the Solana blockchain is Soldex, which allows traders access to AI-powered algorithms for an improved trading experience. Capitalizing on the super-fast transaction speeds on the network, Soldex (a DEX) also allows users the ability to conduct real-time transactions, participate in community governance, and incentivize liquidity.

Functionalities like these are sure to attract more investors to the platform in the near term, further bolstering the value of SOL.

 

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