Makes early Monday Solana (SOL) cautious gains as price nears important $ 200 level that could be broken as long as sentiment remains positive as it is supported by several strong fundamentals that are boosting investor confidence. At the time of writing, SOL / USD trading at around $ 197.38.
The fifth largest crypto after Market capitalization has recently been lauded by several experts who have ranked her as one of the top performers of 2021. According to Messari data, due to the increasing adoption of its. dApps’ ecosystem increased by around 15,000% thanks to its high throughput. Some experts and analysts have also forecast that the SOL token has the potential to be the ETH to outperform in the coming year and possibly overtake as long as it can maintain the high level of acceptance in the future.
In terms of the basics, the Solana crypto could be helped by the launch of Mini Royale: Nations, the network’s first multiplayer game that went live recently and has already doubled the number of players in a short period of time. Unlike several players in the crypto gaming space, Mini Royale is not a P2E offering, but rather allows users to NFTs to use as avatars in the game and receive benefits. His NFTs have already generated over $ 3.2 million in sales on the Magic Eden marketplace.
The SOL token could increase in value even further after the Solana Foundation confirms that its Blockchain achieved CO2 neutral status before the end of this year. The Foundation’s Executive Director, Dan Albert, said, “We are committed to keeping the Solana ecosystem as environmentally friendly as possible. Our climate neutrality initiatives, coupled with the powerful, energy efficient design of Solana, mean that the community can build a sustainable web3 future for many years to come. “
for Solana however, there could be short term issues due to news about possible hacks via Discord. Last week, Solana-based NFT marketplace Fractal’s Discord server was compromised, resulting in hackers taking advantage of a malicious link advertising NFT airdrops. Clicking the link resulted in users losing SOL tokens with an estimated loss of up to 862 SOL (worth over $ 150,000). The hack also affected another NFT project on Solana, Monkey Kingdom, which resulted in a loss of $ 1.3 million from its crypto funds through a security breach on Discord. News of these hacks could keep investors away from SOL.
SOL / USD technical analysis
If we look at the SOL / USD H4 chart, we can see that the moving averages and the MACD have a strong bullish bias. However, the momentum indicator also suggests some interest on the part of sellers in the market.
SOL / USD
Source: Crypto News Deutsch