Solana Spikes Over $200, Can SOL Slice Through A Key Hurdle? - Forex News by FX Leaders

Solana Spikes Over $200, Can SOL Slice Through A Key Hurdle?

Posted Monday, November 29, 2021 by
Arslan Butt • 2 min read
Solana closed at $200.854 after hitting a high of $201.979 and a low of $181.285. SOL/USD extended its gain over the weekend amid some positive market news surrounding the Solana network. Due to its high level of scalability, the Solana network has stood out in the crypto space, and the network is rising above top tech firms because of its efficiency. According to recent reports, a transaction on Solana’s blockchain consumes less energy than two Google searches.

 

SOL/USD
Blockchains using proof-of-work consensus are facing much criticism because of their energy intensity. However, Solana’s proof-of-history consensus has pushed the gains of SOL much higher. Solana’s latest Energy Use Report for November 2021 stated that one transaction on Solana’s blockchain consumed 1836 joules of energy.

The foundation also compared this to other simple activities that require energy, like Google searches. For example, one Google search uses 24 times less energy than charging a mobile phone. The network’s energy consumption was also lower than an LED bulb that consumes 36,000 joules of energy for one hour.

Solana claiming that it was greener than Google added in the value of SOL/USD on Sunday and pushed its prices higher. This claim in days when its biggest competitor Ethereum is battling high gas fees and electricity bills added further push to its prices and forced it to recover most of its previous day’s losses.

Solan Technical Outlook – SOL to Repaint $210

Solana (SOL) recovered from the 50-day SMA ($202) but declined from the 20-day EMA ($216). This indicates a shift in trading sentiment from buying the dips to selling on rises.

However, Solana has crossover the 50 EMA, signaling that bullish bias persist, and the buyers are seeking to push the price higher to resistance line. If they keep the price above 50 EMA, the SOL/USD pair might spike to $210, and then to $216.

Daily Technical Levels

Support Resistance
187.433 208.127
174.011 215.401
166.738 228.822
Pivot Point: 194.706
On Monday, the bulls have the upper hand, as evidenced by the upward sloping 50-day EMA and the relative strength index (RSI) above 58. On the other hand, if the SOL/USD price fell from its current level, the pair could reach the following support levels of $196 and $183. So let’s keep an eye on the $210 level as it may operate as solid resistance. If the bulls overcome it, the pair may retest the all-time high of $259.90. Good luck!
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