Solana is the fast, low-cost blockchain that simply never works

Written by Ohris M. Greyoon, Blockchain & Crypto Expert

Source: Coinmarketcap

Updated: Jun 27 2024

SOL-4.326%

ETH-3.047%

HNT-3.48%

Should l Buy SOL?

Solana's Performance Issues: Solana, touted as an Ethereum killer, has faced ongoing network outages and congestion issues, failing to meet its transaction speed promises.
Congestion Difficulties: Around 75% of non-vote SOL transactions were failing due to meme coin demand, leading to degraded user experience and high bot activity.
Network Failures: Solana has a history of frequent network failures, with nine outages since 2021 alone, totaling over 150 hours of downtime.
Uptime Performance Concerns: Despite being a low-cost chain with attractive fees, Solana's consistent outages raise doubts about its reliability and performance.
Call for Improvement: Criticism points to the need for Solana to address its uptime issues to be taken seriously and provide real-world utility.

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Technical Analysis for SOL

Technical Sentiment Analysis for Solana (SOL) As of , Solana (SOL) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 5 technical signals, shows that 1 indicators are flashing buy, while 4 are indicating sell.

Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for SOL stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.

Support, Resistance & Moving Averages From a structural perspective, SOL is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.

Solana (SOL) Support & Resistance Level

Name	S3	S2	S1	Pivot Points	R1	R2	R3
Classic	15.746	41.623	67.096	92.973	118.446	144.323	169.796
Fibonacci	41.623	61.239	73.357	92.973	112.589	124.707	144.323

About SOL

Solana is a highly functional open source project that banks on blockchain technology’s permissionless nature to provide decentralized finance (DeFi) solutions. While the idea and initial work on the project began in 2017, Solana was officially launched in March 2020 by the Solana Foundation with headquarters in Geneva, Switzerland.To learn more about this project, check out our deep dive of Solana.The Solana protocol is designed to facilitate decentralized app (DApp) creation. It aims to improve scalability by introducing a proof-of-history (PoH) consensus combined with the underlying proof-of-stake (PoS) consensus of the blockchain.Because of the innovative hybrid consensus model, Solana enjoys interest from small-time traders and institutional traders alike. A significant focus for the Solana Foundation is to make decentralized finance accessible on a larger scale.

About the author

Ohris M. Greyoon

Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.

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