Solana (SOL) Price Awaits a Breakout as Ecosystem Blooms!

The post Solana (SOL) Price Awaits a Breakout as Ecosystem Blooms! appeared first on Coinpedia - Fintech & Cryptocurreny News Media| Crypto Guide

The cryptocurrency market had a mixed day on Sunday, with slight gains and losses. Several altcoins have recovered from critical support. The price of Solana (SOL) had a similar fate, trading in a range of $80-$82 while traders awaited a breakout.

The coin has lost more than 10 percent of its value in the last seven days. After opening and ending market sessions between $80 and $100 for several weeks, the Solana price has been one of the more volatile digital assets in the crypto market recently.

The price analysis of Solana reveals a bearish trend. The bears currently control the SOL market, which has shifted the market’s trajectory to the downside, and SOL now anticipates a reversal movement in the coming days. The price of SOL has dropped from $84 to $81 and has stayed stable at that level.

If SOL buyers manage to break through the overhead resistance trendline, buying pressure will increase, causing the currency to surge to $105 barrier, then $122. If sellers dropped the coin price below the $80 support, a wild slide to the $66 mark would result.

Solana ecosystem blooms!

Solana is one of the most popular Ethereum alternatives and one of the fastest-growing ecosystems out there right now. It has 167 active projects in its ecosystem, according to CoinMarketCap.

Anatoly Yakovenko, co-founder of Solana, claims that the number of active daily users on Solana exceeds that of other smart contract platforms, such as leading altcoin Ethereum and layer-2 scaling solution Polygon, in a new interview with Circle co-founder and CEO Jeremy Allaire (MATIC).

He claims that Solana has over two million monthly active users, and that daily active users occasionally exceed the numbers seen by Polygon and Ethereum, such as 300,000 or more daily active signers.