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 (SOL) Price Prediction 2021 and For the Upcoming Years – Will SOL Hit $500 in 2021?

24 September 2021 | Updated: 24 September 2021

During these past few days, the cryptocurrency market went through quite a lot. The crypto market capitalization surpassed the $2 trillion milestone once again. This growth was considered an indicator by many, speculating that another bull run is about to commence. 

However, on the 7th of September, a huge dip occurred, leaving two of the leading cryptocurrencies, Bitcoin and Ethereum, with an 18% decrease. To be exact, more than $350 billion left the crypto market in a matter of minutes, impacting nearly every major cryptocurrency.

Unlike Bitcoin and Ethereum, some cryptocurrencies did not experience that huge of a dip. On the contrary, there were some that continued their uptrend. One of them is Solana, a cryptocurrency that has experienced nothing but gains throughout the last 30 days. This crypto project has had quite the run this year, but the few past weeks have been extremely fruitful for its price.

So, what is Solana and why is it experiencing such growth? Throughout this article, we will do our best to explain what this crypto project is and what it aims to accomplish. 

Solana (SOL) Fundamentals

To begin with, let us touch upon the background of this crypto project. It was founded by Anatoly Yakovenko, a former engineer, with the help of Raj Gokal and some other former engineers in 2017; however, it did not touch beta mainnet until early-2020. Because it was launched in 2020, Solana is a third-generation cryptocurrency, similar to Cardano and Tezos. As mentioned before, Solana is on beta mainnet, meaning that it is still being developed. That being said, Solana is still on its early stages and may experience more issues compared to fully launched crypto projects. Although Solana is quite young, it is one of the biggest contributors to the DeFi ecosystem, providing way more than the majority of the top cryptocurrencies.

Solana (SOL) Price Prediction 2021 - Will SOL Hit $500 in 2021?
Audius Cryptocurrency Partnership With Solana. Source: Solana

Solana is an open-source blockchain-powered project that provides a platform for decentralized apps to be developed, tested, and launched. To secure its network and validate transactions, Solana uses a Proof-of-Stake (PoS) mechanism where people who stake Solana act as validators. Unlike Proof-of-Work (PoW) networks, PoS networks are more environmentally friendly and do not consume large amounts of electricity. Even though the validators on the Solana PoS network still require electricity to operate, the amount of power they use is way lower than PoW networks such as Bitcoin or Ethereum miners.

Despite being a Proof-of-Stake network, Solana also uses something known as Proof-of-History (PoH). Through this technology, Solana aims to improve the efficiency of time-stamping transactions on its network. Because of these innovations, Solana is known as one of the Ethereum killers, along with Cardano and Polkadot.

Why Is Solana Considered An Ethereum Killer?

Offering a great platform for the development of all kinds of DApps, supporting smart contracts, and having cheap and quick transactions, Solana really does challenge Ethereum. While Ethereum can only do 25 transactions per second, Solana claims to be able to process more than 50,000 transactions per second – just look at the difference.

Solana (SOL) Price Prediction 2021 - Will SOL Hit $500 in 2021?
FTX & Alameda Research Partnership With Solana. Source: Solana

Moreover, the gas fees of Ethereum increase to astronomical highs quite frequently, making the process of moving your ETH extremely expensive. Ethereum claimed that the gas fees will decrease drastically when the London hard fork goes live – and so they did. However, the gas fees blew up once again with the NFT craze that has been going on for quite a while now. On the contrary, Solana has extremely low fees, with transactions costing around 0.000005 SOL. At the time of writing, that means that the transaction fees on the Solana network cost around $0.001.

Solana (SOL) Price Prediction 2021 - Will SOL Hit $500 in 2021?
Metaplex NFT Storefront Partnership With Solana. Source: Solana

Issues With Solana

But, nothing is perfect, not even Solana. There are some issues with Solana despite its great infrastructure and technology. Since it is still in the beta stage, Solana has yet to improve its validator distribution system. To host a Solana validator, you must have a very powerful computer (Validator Requirements). This pushes people away from hosting such validators, which makes the Solana network less decentralized. Moreover, the fewer validators there are on a network, the more overwhelmed are the validators securing the network.

This causes frequent problems in the Solana network, making it suffer intermittent instability from time to time. However, these issues tend to last no longer than 2-3 hours.

Solana (SOL) 2021 Price Prediction

Solana has been skyrocketing lately, hitting the price of $200 at the beginning of September. Even after the whole market experienced a big fall on the 7th of September, Solana is one of the few cryptocurrencies that quickly recovered and is still standing strong.

LongForecast

A prediction regarding Solana was made by LongForecast. Their prediction shows that 2021 might be extremely fruitful for Solana, with this coin potentially hitting a monthly high of $540 sometime in 2021. If this prediction is correct, Solana may experience an increase of 367% on its value. By the end of 2021, LongForecast claims that Solana may reach a high of $753.

Crypto Academy

Crypto Academy, also a site with reliable predictions believes that Solana will be bullish in the remaining months of 2021. According to their forecast, Solana in 2021 could reach $500 but it is possible that if there will be another bullish run in December 2021 Solana could reach the price of 1000 based on the forecasts of Crypto Academy.

Nathan Sloan

Nathan Sloan, a big cryptocurrency Youtuber, made a video about the future of Solana some days ago. In this video, Sloan uses the ‘Stock/Flow’ method of analyzing the overall chart of Bitcoin. Later on, he does the same with the chart of Solana; and, according to his analysis, Solana is likely to pull off a 3x-5x during the next six months, possibly reaching a price between $420-$700. 

Solana (SOL) Long-Term Price Prediction

As for the long term, only superior crypto projects will likely continue to grow and survive the challenges posed by the market, and Solana without any doubt is one of the most prominent crypto projects.

DigitalCoinPrice

The long-term forecast of DigitalCoinPrice is quite realistic, considering all of the factors that affect the price of a cryptocurrency. They claim that the $500 milestone is likely to be surpassed in the year 2024, during which SOL is expected to have a high of $547. Moreover, they predict that Solana might be trading at a price above $918 by December 2028.

Solana (SOL) Price Prediction 2021 - Will SOL Hit $500 in 2021?
Solana (SOL) Long-Term Price Prediction. Source: DigitalCoin

GovCapital

As claimed by GovCapital, Solana might have quite some positive years ahead. For the year 2022, GovCapital predicts that SOL may have a high of $426 and a low of $234. Moving on, the year 2023 might be the year when Solana surpasses its $500 milestone by reaching a trading value of $637. To wrap it up, GovCapital’s forecast shows SOL sitting at a price between $1737-$1998 exactly after five years.

InvestAnswers

Another big Youtuber that has covered the future of Solana is InvestAnswers. On one of his videos regarding SOL, he showed some projections of the future price of Solana. According to his forecast, Solana might hit a trading value of $1,200 by the end of 2026 and $3,100 by the end of 2030 if the market is bullish. However, on a bearish note, Solana is may be trading at $800 per token by the end of 2026 and $2,200 by the end of 2030.

Will Solana Surpass Ethereum?

So, will Solana be able to surpass Ethereum? Well, we are not sure. Ethereum has been in the market for quite a long time, while Solana is still young. Even though Solana is way more efficient than Ethereum at the moment, Ethereum has built up a huge reputation throughout the years, being the second-biggest cryptocurrency for many years. Moreover, Ethereum is set to launch Ethereum 2.0, transferring to a Proof-of-Stake network and making Ethereum way faster. This means that Ethereum is here to stay. 

Nevertheless, after some positive weeks, Solana became part of the ten biggest cryptocurrencies regarding market capitalization. At the time of writing, Solana holds the sixth spot in CoinMarketCap, with Ripple and Dogecoin as its runner-ups. 

That being said, Solana is likely to catch up to Ethereum at some point in time. If Solana improves its ecosystem faster than Ethereum, it might even surpass its market capitalization sometime soon.

Frequently Asked Questions (FAQ)

 

Why is Solana Increasing?

Its infrastructure is the main reason for the huge growth that Solana experienced throughout the past few weeks. As people get more interested in Decentralized Finance (DeFi), Non-Fungible Tokens (NFTs), and Web3, the more the extremely efficient eco-system of Solana grows. Because it is outperforming its competitors, Solana’s price is skyrocketing.

Is Solana Better Than Ethereum?

Yes and no… it depends on how you look at it. Solana is way more scalable than Ethereum, having lower fees and faster transaction times. However, it is still on beta mainnet, meaning that it is still under development. This makes it quite unstable at times. However, we must note that Solana is way faster, cheaper, and more scalable than Ethereum.

Is Solana Decentralized?

Yes, Solana is a decentralized blockchain network. It was built to enable scalable decentralized applications (DApps) for the world. Moreover, it claims to be the fastest-growing blockchain ecosystem in the world, having more than 400 projects being built on its ecosystem. Solana also claims to be the fastest blockchain in the world, being able to support more than 50,000 transactions per second.

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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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