Solana (SOL) Price Forecast November 07, 2021 – Daily News | Technical Analysis

Currently, Solana (SOL) price is $253.498 with a market capitalization of $76,455,661,971, putting it in a commendable position of the global cryptocurrency rankings.

The Solana blockchain is considered an efficient, secure, fast, censorship-resistant, and highly automated system that supports global adoption. Decentralizing the network by providing computing resources to validate transactions or storing redundant ledge data is the mission of the validator.

History of Solana

Anatoly Yakovenko, the founder of Solana, published a whitepaper draft detailing a new timekeeping method for distributed systems dubbed Proof of History (PoH) in late 2017. The inability to reach consensus on transaction order is one of the limitations of bitcoin and ethereum blockchains, In Anatoly’s opinion, his new methodology could automate the transaction ordering process for blockchains. This was a major component of enabling crypto networks to grow beyond their capabilities at the time.

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Solana (SOL) price prediction

Currently, there is a level of resistance at $ 267.265, the next resistance will be $276.055, and a strong support level will be $ 217.376 and afterward $ 242.283.

If Solana (SOL) price fails to break through this resistance level, the price may retest the current support levels before further descending to the next support level of $242.283. A break of this level may lead Bitcoin to move down further to $ 226.089.

It’s apparent that Solana (SOL) price is likely to move downwards from its current level, with bearish indicators showing. The Solana price will likely move down towards $ 226.089 in the near future.

Solana Recent updates

1. What is Solana’s Competitive Advantage over Ethereum?

Essentially, Solana provides the same utilities. Developers can even build Dapps and smart contracts more quickly and less expensively using it. The fact that Solana has been included in the league of ‘Ethereum killers’ is not surprising. The term is used to describe the possibility that Solana could eventually replace Ethereum.

2. New all-time high set by Solana on Cardano:

To make it to the top five cryptocurrencies by market cap, Solana has surpassed Cardano. At the time of this writing, Solana has set a new all-time high of $ 253. By market capitalization, Solana has experienced an increase of 11% over the past 24 hours, making it the top performer among top ten cryptocurrencies.