The Coronavirus pandemic and paying the gas fee on the Ethereum blockchain are two things that are poles apart. However, the struggle to overcome both problems has been the same. And, that’s exactly where Solana enters the picture. In fact, crypto-billionaire Sam Bankman-Fried called Solana, the next big blockchain of 2022.
Notably, Solana promises to deliver the best of Ethereum but faster and at a fraction of the cost. However, it is important to note that 2021 saw a significant uptick in meme coins like Dogecoin and Shiba Inu too. While these coins got a lot of attention and coverage, Solana was comparatively quite under the radar.
A look at the price trajectory
Solana got its fair share of fame as an “Ethereum-killer” when it climbed up from an inexpensive $1.5 to $230 in November 2021. At the time of writing, the coin was trading at $96.51. The bears seemed to have taken the lead for now. If SOL fails to bring in demand, the coin might go down further to its one-month-long support of $86.54.
However, if bulls find victory, the token might go up high to face another resistance at $122. This would be an area where SOL might see investors going long. However, for a sustained rally, $140 needs to be flipped into support. Thereafter, the token can move upwards to face its four-month-long resistance at $172.
On the attached chart, the RSI and MACD favoured the sellers. Even so, consolidation in its press time price range can’t be ruled out.
Source: TradingView, SOL/USD
Really an Ethereum killer?
While Ethereum is slowly moving to Proof of Stake, Solana, from its inception, has been using Proof of Stake consensus along with Proof of History. That is to say, Solana is very fast and can process around 50,000 transactions per second at an average cost of $0.00025 per transaction.
Moreover, smart contracts in Solana are read-only and stateless. As of right now, there are about 400 projects on Solana. Interestingly, it has a great community of investors and…
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