The current bearish phase is dominating the cryptocurrency sector and there are heated conversations among traders who have made unspeakable profits about the future of their investments. The question which comes up in the fore is –Should they hold on to their assets like Solana (SOL) which has given them profits, some reaching 9000% to their investment or should they leave it.
Solana Price To Reach New Highs
The paramount question which comes to the mind is, how long the present carnage will continue in the cryptocurrency sector? Will it be a short blip or a prolonged winter? To get a better understanding it is imperative to know the history of the Solana saga
The Solana Saga
The past often decides the future of any coin and this includes Solana also. Its past surge in values, dips and crash and subsequent recovery all give an expert an inkling of how the coin is going to behave in the future. Solana is credited of being the first Cryptocurrency to operate on a decentralized system of Blockchain using “Proof of History”. Founded in 2017 by Anatoly Yakovenko, Solana values zoomed and values reached $248.01 per token this year, a surge by 15,300%. It is a 3rd gen DeFi system which employs proof of history and proof of stake to execute about 50000 transactions per second.
Solana Market Cap
As per available data the market cap of SOL is around $15,008,918,047.04 while the fully diluted market capitalization is around $22,790,967,079.35. This is an indication that ample and surplus tokens are freely floating in the market.
SOL boasts a lightening transaction speeds and this has endeared it to the institutional investors and led to the surge of about 9000% starting from 10 August ’20. The recent bearish phase could add anxiety to some of the investors. Looking at the interpretation of monthly chart of the SOLUSDT brings into light a bullish hidden inside-bar support ($180.93) on December ’21 after an eleven-month price hike of about +25000%. At present Solana is going through a correction phase in the price range of $44.20 and $22.10. This will serve as the launch pad for a price hike. It’s predicted that this crypto coin will be worth $150 at the end of 2022 with its lowest price at $20.42.