Solana is a token that has been booming ever since the Ethereum network started suffering from transaction lags and high gas fees. Because of using a Proof of History mechanism, the network can settle a large number of transactions per second. Its speed is even higher than the speed at which
Solana has fallen short of its high prices after failing to reach $40. The token’s pullback to the $30 support level makes it an attractive entry for new traders who want to go short. However, all indications show that SOL remains relatively bearish. If buyers leverage the $30 support level to establish a good buying position, it may push the coin’s price towards an uptrend.
Nevertheless, there is still a chance that some buyers may sell SOL if its price crosses below $30. A push below $30 might create a market uncertainly that may push SOL to even lower support levels of $20. Those interested in the token may also wait for a price movement to these levels to enter a new buying opportunity.
Solana is superior to other blockchain networks used to develop DeFi projects because of its fast speeds. With DeFi developers looking for new platforms as they transition from ethereum because of lack of scalability, they might settle on Solana, hence pushing for a higher value of the token.
At the beginning of June, the Solana network raised $314 million in a funding round believed to develop the ‘Ethereum Killer.’ If the project becomes fully developed, it will make Solanax the preferred DeFi blockchain.
Solanax will launch an Initial Exchange Offering (IEO) on June 28 for SOL tokens to add more resources to the Solanax decentralized finance protocol. The sale will boost demand for SOL tokens and thereby increase their value.
Where to Buy Solana
To buy Solana tokens, you need to check at any of these exchanges:
eToro is a leading cryptocurrency exchange that offers competitive trading fees. The crypto market can be too complex for a new trader, but with eToro, new traders will have an opportunity to make profits. The profits will be enabled by the copy trading features that allow you to learn from expert traders.
Another popular exchange that supports SOL tokens is OKEx. It is highly reputable and offers competitive trading fees. Besides, it offers user-friendly features that allow users to navigate and increase their chances of making profits.
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