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As Solana completes 95 million transactions, the SOL price will begin a new rally – Coinpedia – Fintech & Cryptocurreny News Media


Solana (SOL) is regaining upward momentum and demonstrating commendable retribution following a large sell-off in the first week of September. According to Solana’s blockchain explorer, the network has processed 96.62 million transactions and is already processing more over 3000 transactions per second.

This is significant news from Solana to start a new rise; but, Solana can reverse its mood at any time and begin a downturn.

What Does Solana Have Coming Up?

Solana’s surprise comeback from a big sell-off has earned him the trust of investors and non-atheists alike. The network has also piqued the interest of the crypto community this week, as LunarCrush’s graph shows a 13.8% increase in Solana’s social media engagements and a 2.31% increase in Solana’s social mentions in the last seven days.

Solana has continued to outperform during the crypto winter, with Messari confirming that the network has scaled to over 2000 nodes. The reason for this is the continual effort of the Solana team, who worked tirelessly to resolve the network’s outage concerns.

.@Solana is now capable of scaling to over 2000 nodes.

Nonetheless, because transaction fees (income for validators) on Solana are so low, running a node becomes a break-even calculation based on how valuable the inflationary incentives offered are. pic.twitter.com/PHzuohUEFs

September 7, 2022 — Messari (@MessariCrypto)

Goatswap just released Solana’s first Automated Market Maker (AMM), which will allow users can create pools to buy, sell, or trade NFTs automatically. Because transaction costs on the Solana network are relatively low, running nodes is challenging.

Solana is presently selling at $35, up 9% from yesterday, according to CoinMarketCap. Solana is currently poised for a bullish surge, with Sonana investors building buying pressure since September 7th. At the $31 support level, a solid bullish candle was formed, and Solana is now aiming for an upward rise to the next resistance level of $40.

Solana’s low transaction fees entice the NFT market, and investors are always looking for a profit-making entry point. Despite numerous improvements to the Solana network, the price graph has not provided traders much hope. However, technical indicators indicate a positive trend awaiting Solana’s arrival. Buyers dominated when the Solana price crossed above the 21-period EMA and the 9-period EMA. The later period crossed above the previous period, confirming a bullish trend. The relative strength index (RSI) 14 is currently at 53, indicating a positive trend as well.

Solana may prove advantageous in the short term. Investors and traders should exercise caution when investing in Solana because the market might change direction at any time.

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