After its big price gains in 2021, Solana (SOL) has been trading below the $100 price point for quite a while now. The current SOL fear and greed index is back to neutral, but the real question remains.
Can SOL hit the $100 price point again?
Solana Fear & Greed Index Returns to Neutral
According to a tweet by the Solana Fear & Greed Index, the current market sentiment has recovered from fear to neutral at its current price of about $88 as of press time. The cryptocurrency currently stays at a solid 40/100 with zero being extreme fear and 100 being extreme greed.
As seen on CoinGecko, the coin has dropped significantly from over $170 at the start of this year to its current price point. Although the coin has been bearish since the start of the year, it has managed to gain a slight bullish momentum since March 15 until the press time of this article.
SOL's All Time High and All Time Low
Ranked number eight on CoinGecko, the cryptocurrency has a trading volume of almost a billion dollars and a market cap of $28 billion. Despite its price gain, it is important to note that SOL is currently 65.9% down from its all time high.
Luckily, for investors that bought SOL two years ago, the coin is up by 17,596.8% from its all time low. With that, Solana remains to be its own blockchain that has been gaining more and more attention ever since its bullish run that started in August.
What is the Solana Blockchain Popular for?
Despite its price performance, Solana has gained popularity in the non-fungible token (NFT) space for certain projects like "Crypto Chicks" or "Gangsta Gators." There is also an Ape collection as seen on Solsea.io called "Dapper Apes."
When it comes to Ethereum competitors, SOL and Cardano (ADA) are usually compared hand-in-hand and the two take very different approaches to scaling. When it comes to SOL, they have prioritized scaling over decentralization thus allowing them to handle more transactions compared to ADA.
How Solana Compares to Other Blockchains
When ADA first launched its SundaeSwap, the transactions were extremely limited and it could take up to days to execute. Luckily, ADA was able to find a solution to help speed up transactions within its ecosystem.
When it comes to SOL, however, the blockchain has been speeding towards adaptation allowing for smart contracts and other DAOs to be built on its blockchain. When comparing SOL to ADA or Ethereum, Solana is capable of much more transactions per second.
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Can Solana Reach $100?
According to its description on CoinGecko, Solana is capable of processing more than 700,000 transactions per second. This makes it a faster blockchain compared to Ethereum and much more compared to Bitcoin.
As for its potential to reach $100, however, the bullish trend has yet to be confirmed as the crypto is still experiencing volatility with its price.
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This article is owned by Tech Times
Written by Urian B.
