Solana, better known as the Ethereum killer, came into the crypto limelight after launching a high-speed network with high scalability levels. This scalability has also attracted many DeFi projects to the Solana network, all looking to benefit from it.
SOL is trading at $28.27 at the time of writing on major exchanges after a 7.6% fall in 24 hours.
Solana Price Analysis
The crypto market is currently bearish, and it looks like Solana is mimicking this trend and has slumped in the past 24 hours. Solana was rejected at the $30 level, and it is now trading above support of $25.
The slump might progress if there is less support from the market. In this case, SOL might reach almost $20, which might trigger selloffs. The low level might also attract new traders who want to buy during the dip; hence, a consolidation at $20 is likely.
If the market goes past the current bears and resumes an upswing, we might witness a price growth in SOL, where the coin might retest the $35 resistance level. Here, bulls will be in full play, and this will trigger an even larger uptrend that will expose investors to major gains.
However, the market currently looks bearish and with ethereum fighting to regain above $2000, the current slump in Solana might progress for days before a bull swing comes into play.
Solana is proving itself as the Ethereum killer, given that more projects are migrating from Ethereum and into the scalable network. Recently, Power Ledger, a blockchain firm based in Australia, announced plans to migrate from Ethereum to Solana in search of high speed and scalability. Power Ledger also added that it would transition to Solana because of low energy output attributed to the proof of history (PoH) mechanism.
If more projects come to Solana, the network might be the next Ethereum and price growths in SOL token prices will be reported.
Where to Buy SOL
Those who want to buy SOL during the current dip can do so from the following crypto exchanges:
One of the crypto exchanges that support SOL tokens is eToro. eToro is a highly recommended exchange because it charges low trading fees and supports popular cryptocurrencies and trading pairs. eToro also supports a copy trading feature.
The other crypto exchange where you can buy Solana is Coinbase. Coinbase is one of the largest crypto exchanges that support a wide range of crypto trading pairs and cryptocurrencies.
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