The Innovations of Solana Blockchain
Solana is a fast and decentralized blockchain that competes with Ethereum, particularly after Ethereum’s transition to Proof-of-Stake. Solana distinguishes itself with several novel approaches, including the Proof-of-History mechanism, setting it apart in the realm of Layer 1 blockchains.
The Native Coin: SOL
The native coin of Solana is SOL, utilized for transaction fees within the network. The Solana Foundation is a key supporter of the Solana project.
Solana’s Consensus Model
Solana’s consensus model is based on Proof-of-Stake, incorporating eight key innovations. The core innovation, Proof-of-History, enables the creation of historical records validating events at specific moments in time.
Verifiable Delay Function (VDF) in Solana
Unlike validators on other blockchains, Solana validators maintain individual clocks with a Verifiable Delay Function (VDF). The VDF requires a specific number of sequential steps, preventing significant acceleration. The outcome of a VDF proves the passage of a minimum amount of time, establishing chronological order.
Solana Phone Sales Surge
The demand for a free memecoin airdrop led to a frenzy, resulting in the sell-out of Solana Saga phones on the official website. Co-founder Raj Gokal reported a more than 10-fold increase in Saga sales in the past 48 hours, anticipating a sell-out before the year’s end. The surge prompted discussions about potential price adjustments to meet demand.
Technical Analysis & Prediction of SOL Coin Price
Solana’s coin price has experienced a robust recovery, reaching a new yearly high of $79.5, reflecting approximately 280% growth from its surge at $21.7. Despite short-term turbulence, the overall trend remains upward. The current bullish run suggests a potential breakout at $80, with support levels at $51.08 and $32.20. The 50-day EMA has made a bullish crossover with the 150-day EMA, indicating positive momentum. However, resistance may be encountered at $79.8 and $133.
Conclusion
Solana, a fast and decentralized blockchain, competes with Ethereum. Each Solana validator maintains its clock. The frenzy around a free memecoin airdrop led to the sell-out of Solana Saga phones. The SOL coin price exhibited aggressive recovery, reaching a new yearly high of $79.5.
Technical Levels
- Support Levels: $51.08 and $32.20.
- Resistance Levels: $79.8 and $133.
