The Solana coin broke through the $30 (SOL/USD) resistance level late Sunday and has mostly stayed above that level today. This last week has seen a steady incline for the digital coin despite a rough start Monday and Tuesday.
On Tuesday, the coin hit a low of $22.64, but it bounced back quickly the next day. Solana experienced its high for the month on July 7th, achieving $37.89 briefly. It mostly declined until Tuesday last week and then started to come back up toward that $30 resistance level.
A change of $2.73 over the last 24 hours is not bad for this digital asset. It controls about .54% of the market and ranks #15 overall among cryptocurrencies. That’s made it a crypto to watch for serious cryptocurrency investors but constantly overlooked by more mainstream investors.
This week is looking very promising so far for Solana, as trade volume is up more than 84% over the last 24 hours. It’s expected that this won’t last, however, as the activity this morning is likely the start-of-the-week movement we normally see for cryptocurrencies. It would actually be surprising to see Solana continue to improve over the rest of the week, and it’s more likely that it will briefly fall from this peak before perhaps proving bullish again next weekend.
Solana Announces New Stake Pools
The Solana Foundation announced on Twitter that they would be creating Stake Pools to reward their Sol holders as well as to boost the security of the network and resist censorship. This new program uses an on-chain governance process that can be accessed via SolFlare, which connects to the network through a non-custodial wallet.
As users participate in the program, they will be helping to secure the network by using validators for staked tokens. The rewards issued for these tokens will be based on commission fees charged, the validator’s uptime, the inflation rate, and how much overall Sol is staked.
Even though this program helps to resist censorship on the network, Solana is considered one of the networks that is most censorship resistant.
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