Solana, positioning itself as a blockchain designed to ensure efficiency and speed in the crypto space, witnessed substantial increases since its arrival in the market. The altcoin enjoyed the gains due to high transaction speed. Keep in mind that Solana processes more than 50,000 transactions each second.
While writing this article, Solana (SOL) trades at $27.39 after gaining 7.2%.
SOL Price Analysis
After the price changes over the last 24 hours, Solana manages to maintain over crucial support levels. If it holds its current support, SOL might retest its next resistance level at $28. In cases where SOL breaks over this level, it requires to surge over $32 to confirm massive bullishness.
For now, market players await a near-term bullish rally as buyers accumulate at the moment.
Also, Solana may have its uptrends suppressed if the altcoin fails to sustain its current level. That way, SOL might drop to retest $22, the lower support.
For now, SOL might enjoy new highs as developers announced a vital development. The site upgrades with a Query and Transact feature on Solana’s platform. Such a development will aid in SOL network expansion.
Solana’s superiority over ETH increased demand from Ethereum developers that want to benefit from the efficiency of Solana. Recently, Ethereum introduced Neon ETH Virtual Machine (EVM) solution. That is to allow easy transfer of Ethereum DAPPS to Solana. Such blockchain improvements will help SOL to attain higher prices.
Where to Buy Solana?
eToro is a renowned crypto exchange that has multiple trading features for its users. The best thing is that the platform has low transaction fees and allows newbies to copy investing strategies from veteran traders to magnify their crypto returns.
OKEx is another platform that you can utilize to purchase SOL. The exchanges prove to be the best as far as the trading volume is concerned. Its user-friendly interface makes it straightforward to execute crypto deals.