Ethereum was once the go-to platform for developers looking to build their decentralized applications (dApps). But, with its high transaction fees and slow speeds, many have turned towards alternative options like Solana. Have you ever thought about what your stance on Crypto investment would be if the price of a coin could change at any time? In this article, we present our Solana Price Prediction for October.
Solana Price: Story of 2021 So Far
The Solana project may be the future of blockchain. It offers many benefits that rival Ethereum (ETH) and Bitcoin (BTC), including better security measures for tokens than other platforms like EOS or Tron.
The Solana Network is a new blockchain platform that offers developers an easy way of creating and launching decentralized applications. The network itself is fully decentralized, meaning it provides the same kind of functionality as Cardano (ADA). Solana’s currency is SOL.
The Solana network is a breath of fresh air for crypto enthusiasts. It runs on the PoS algorithm, which consumes less energy than Bitcoin does with its more intensive PoW system.
Solana uses PoS, which means that the ecosystem consumes much less power and offers lower transaction fees. One of Ethereum’s main drawbacks is high transaction costs due to its reliance on gas prices. With POS, there can be theoretically 60k transactions per second.
For many, blockchain is still unfamiliar territory. But with the rise of areas such as decentralized finance (DeFi), there will inevitably be significant changes in how certain things are done and seen by investors worldwide – including those looking at investing in Solana.
While Ethereum may have secured its place as the go-to platform for decentralized applications, Solana quickly makes a name for itself with improvements on all of ethereum’s shortcomings.
The price of Solana has had an impressive year so far. The digital currency has been up 6147% since January, and it’s fallen around 35%. Investors will want to buy in now while prices are low.
Solana Price Forecast
The price for Solana has been on a downtrend lately, but what about its technical indicators? There are indications on the 4H chart that show us that there is some bearish momentum.
The price seems to have found support at $125, which it has rejected three times this month. This level is where the buy orders are probably waiting for a signal from, and if they get triggered, then it will need an upwards push to make things even better.
The resistance around $170 is an area to watch if we see some bullish momentum. Should this break, there’s then a clear path towards the all-time highs of September. However, it may take strong impetus for Solana to make its way back up here again. It is a possibility you cannot rule out.
Solana Price Prediction for October
The cryptocurrency market will take another giant leap, with the next target at $221.37 and one just below it – R3 monthly resistance coming in at 248.12.
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