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Solana rallies after network’s carbon emissions tracker launch

Solana rallies after network's carbon emissions tracker launch
Paul L.

Investor interest in Solana (SOL) has experienced a boost since the network launched its real-time data portal on April 21 for tracking carbon emissions from the blockchain

As evidence of this growing interest, the asset’s price has surged by almost 4% in the past 24 hours, reaching $22.13 by press time. This price movement is a welcome boost for Solana, which has experienced weekly losses of around 8.5%.

SOL seven-day price chart. Source: Finbold

The rally is largely due to the increased buying pressure, resulting in the asset’s market cap rising to $8.6 billion, a significant increase of $312 million in just 24 hours.

SOL one-day market cap chart. Source: CoinMarketCap

Impact of Solana carbon emission tracker 

Solana unveiled the dashboard at a time the crypto sector is focused on curbing the carbon footprint. The dashboard provides a means to stay up-to-date with key network metrics such as energy consumption, emissions, and network power intensity. In this line, with regular updates, network emissions can be easily scrutinized from multiple angles, allowing for a comprehensive understanding of the network’s impact.

One notable insight from the tracker indicated that Solana emitted approximately 10,651 tonnes of carbon dioxide and consumed over 26,000 megawatt-hours of electricity within a year from April 1, 2022, to March 31, 2023. 

In general, the network updates have been touted to positively impact the value of SOL, which has been dubbed as an ‘Ethereum (ETH) killer’.

The recent rollout of the emissions tracker on the Solana network has had a ripple effect on other on-chain metrics. For instance, the number of daily active addresses on the network has surged to 266,940 as of April 22, a remarkable growth of around 12% within just one week. 

SOL one-month daily active addresses chart. Source: The Block

This achievement is even more impressive given the network’s past struggles with regular outages, which had raised questions about its sustainability. Furthermore, the network faced scrutiny following its association with the now-collapsed FTX crypto exchange

Elsewhere, other noteworthy developments on the horizon are likely to contribute to the value of SOL. For instance, the imminent release of Solana’s smartphone, named Saga, is expected to become available for purchase in early May. The launch of Saga is likely to create opportunities for mobile-based crypto transactions, potentially opening up new avenues for growth and adoption.

SOL price analysis

The recent short-term surge in SOL’s price could potentially indicate a reversal of the asset’s previous downward trend. The increase in buying pressure suggests a potential bullish sentiment in the market, with buyers entering positions anticipating future price gains. 

At present, investors are closely monitoring SOL’s support level at $20. If the asset breaches this value on the downside, it could potentially pave the way for further correction.

However, if the current buying pressure is sustained, Solana may have a solid foundation to break through its $25 resistance. This would be a significant milestone for the asset and could potentially attract more investors, further driving up its price.

According to TradingView’s one-day gauges, SOL’s technical analysis is currently showing a predominantly bearish sentiment. The summary of the gauges suggests a ‘sell’ sentiment at 10, similar to the moving averages, which indicate a ‘sell’ at 8. Additionally, the oscillators indicate a ‘neutral’ sentiment at 8.

SOL technical analysis. Source: TradingView

Given that the broader market is mostly trading in the red zone, SOL’s price may encounter resistance at critical levels, potentially leading to a price pullback. This may occur if investors begin to take profits, which could further weigh down the asset’s price. 

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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