Solana
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Information about Solana (SOL)
Solana is a blockchain platform that supports high-performance decentralized applications and smart contracts. The Solana platform is designed to facilitate the creation of decentralized applications (DApps) to make decentralized finance accessible on a larger scale. Solana improves scalability by using the Proof of History consensus method, combined with the underlying blockchain’s Proof of Stake consensus method.
SOL is a token that operates on the Solana blockchain platform. The SOL token has the typical uses of a platform token such as:
- Stake: Solana is in the process of activating inflation rewards for staking SOL tokens in exchange for energy and network support.
- Fee Payment: SOL is used to pay fees in Solana’s blockchain network, such as transaction fees, smart contract fees, etc.
- Compensation: SOL is used as a reward for Stakers/Nodes to ensure the stable operation of the network.
- Governance: SOL token holders will have voting rights and platform governance rights.
News
The cryptocurrency market saw a decline of 1.56%, reducing the global market cap to 2.66 trillion USD. Bitcoin continues to dominate with a price of 83,781 USD, experiencing a minor drop of 1.35%.
Among top altcoins, Solana (SOL) and Avalanche (AVAX) stood out with significant weekly gains, 11.72% and 15.64% respectively. XRP also saw a 3.96% increase, now priced at 2.14 USD.
Standard Chartered predicts XRP could rise to 12.50 USD by 2028, driven by ETF approvals. Regulatory changes and its expanding role in the tokenization market are expected to enhance XRP’s position in institutional finance.
The cryptocurrency market ended the week positively with Bitcoin gaining 2.1%. Solana showed a significant rise of 9.5%, influenced by trade tensions, while Ethereum struggled with an 8.4% loss, fueled by declining user interest.
Global economic concerns continue to affect market dynamics, contributing to volatility. Meanwhile, BRICS nations are working to establish a new payment system, aiming to break away from Western financial dominance, which could challenge the existing SWIFT network.
Solana (SOL) has increased by 4.85% to 124.34 USD, resulting in substantial liquidations for short sellers. Total liquidations for SOL hit 14.69 million USD, dwarfing the 5.22 million USD recorded for XRP.
Short sellers in SOL faced serious losses, totaling 12.53 million USD, while those in long positions only lost 2.16 million USD. In comparison, XRP traders lost 1.84 million USD from long positions and 3.38 million USD from shorts.
The recent movements indicate a shift in trader sentiment towards bullishness, prompting more traders to consider long positions. Concurrently, the overall cryptocurrency market cap saw a rise of 1.41% within the past 24 hours.
Solana (SOL) has now captured a market cap of $64.26 billion, surpassing USDC. It experienced a price jump to $124.55, reflecting a growth of 6.91% in 24 hours, and is approaching a critical resistance level at $125.
USDC, on the other hand, has seen its market cap fall to $60.06 billion, with a steady price at $0.9998. However, its trading volume has decreased significantly by 27.86%, indicating that while it’s stable, its competition is heating up.
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