Solana’s ‘Breakpoint’ event is sold out, analyst suggests SOL entry point

Solana less than 10% away from its record price; Analyst hints at new all-time high
12 months ago
2 mins read

Prominent crypto trading analyst Cerbul has offered his latest technical analysis for Solana (SOL), giving traders an entry point based on his research and targets on the charts.

Indeed, @CerbulBTC earlier indicated that after realigning the descending trendline with the Solana high-lows, which became more apparent over the past three to four days, a breakout with confirmation above the line might drive SOL to the $180 target.

The renowned crypto trader then provided his latest SOL update following the breakthrough, identifying the next entry point at $134. Still, he confirmed he intends to accumulate more when the price dips pointing out that there is not a lot of solid support between $82 and $120.

Solana price

The token of the high-performance blockchain focused on decentralized finance, or DeFi, is currently trading at $146.49, up 3.55% in the last 24 hours and down 5.7% in the previous seven days, with a market capitalization of $44 billion, according to CoinMarketCap.com.

SOL 7 day market cap. CoinMarketCap.com

In the quickly evolving field of DeFi, the developers of the Solana blockchain say that it is the “fastest blockchain in the world” and “censorship resistant,” capable of supporting smart contracts, non-fungible tokens (NFTs) , and other platforms. 

To illustrate, on October 13, 2021, Solana stated that Chainlink would debut on the Solana Mainnet Beta in the fourth quarter of 2021.

Solana’s ecosystem is now home to over 400 active projects, and the SOL coin itself processes approximately 1,000 transactions every second. Despite the sheer number of transactions, the average transaction cost is astoundingly low at $0.00025.

Solana Breakpoint conference

Whatsmore, Solana announced that its Breakpoint event in Lisbon from November 7-10, 2021, is sold out. 

In fact, tickets for the 3-Day Conference Pass and closing party were going from $1000, which gives guests access to 3 conference venues for three days. Breakpoint, the Solana Foundation’s inaugural conference, will bring together industry leaders, developers, and innovators from all around the world.

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Jordan Major

Jordan is an investor and market analyst. He's passionate about stocks, ETFs, blockchain, and digital assets. At Finbold.com, he delves into the technicalities to obtain future trends for new market traders and gives insights into user-friendly platforms for beginners.