Solana- More Upside For SOL?? My Thoughts!! 🧐

Solana: More Upside For SOL?? My Thoughts!!

By Guy

👨‍🏫Solana Recap👨‍🏫

Solana was created by Solana Labs, which was founded in late 2017 by a team of senior software engineers in San Francisco. Proof of history makes it possible for Solana validators to cram as many transactions as they can into a block since they can be easily sorted out and verified by other validator nodes later using timestamps. When you combine this feature with Solana’s block time of 400 milliseconds, you get a blockchain that can process over 50 thousand transactions per second.

💱SOL Updated Tokenomics 💱

100 percent of all SOL used to pay for transaction fees are burned. Solana’s updated documentation reveals that this will cut to 50 percent at some point, with the other 50 percent going to validators. SOL inflation began in February at 8%, and this 8 percent inflation rate will be cut by 15 percent per year until SOL’s annual inflation hits 1.5%. This is projected to occur sometime in early 2031. Solana’s documentation also notes that the Solana Foundation will earn inflationary rewards as well, though it is not entirely clear if this will add to the current inflation schedule.

📰Solana Updates📰

In late October last year, Circle partnered with Solana to launch its USDC stablecoin on the Solana blockchain. A few days later, Audius announced that they would be migrating their decentralized streaming protocol from Ethereum to Solana. By the end of 2020, there were over 100 projects building on Solana sustained by a network of over 350 validators processing the transactions from 5 million unique wallet addresses. There are now 250 projects building on Solana, which is insane considering there were just 100 at the start of the year.

📈SOL Price Analysis📈

SOL has gone up more than 20x since the start of the year. This is actually quite surprising when you recall the aggressive vesting schedule of SOL’s initial supply. SOL’s parabolic run seems to have been cut at the 45-dollar range, which is roughly where all early investors would be in a 200x profit, even the run of the mill retail investors from the public ICO Popping open the price charts reveals SOL might be entering a phase of consolidation that could last a few days or more. This is forming a descending triangle pattern. Because we are in a long term up trend, it is likely that we will snap back and retest SOL’s all time high of roughly 50 dollars when the triangle breaks.

🤝Solana Ecosystem🤝

Given how quickly Solana’s ecosystem is growing, my suspicion is that Solana’s technical development has been less of a priority After all, adoption is everything in the cryptocurrency space and Solana has a lot of catching up to do if it wants to spar with the likes of Ethereum and Polkadot Luckily for Solana, it has strong support from two very big players in the cryptocurrency space: the FTX exchange and Alameda Research Alameda Research shelled out over 90 million dollars on just two projects that are building on Solana. The first is called Maps.me, an offline map and travel app with over 140 million users. The second is called Oxygen, a DeFi lending protocol that will provide additional infrastructure for Maps.me. FTX and Alameda hopes this will serve as a catalyst for the adoption of their Serum project.

~~~~~

📜 Disclaimer 📜

The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speaker does not guarantee any particular outcome.

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