The ongoing cryptocurrency sell-off has not left

Solana prices unchanged. SOL dropped by over 78% between January and September 2022, bringing its market cap to about $11.6 billion. It also ranks among the worst performing large-cap cryptocurrency during the year.

Solana faces an uphill task

Solana has been a top Ethereum-killer in the blockchain industry. It is a smart-contract platform, which is well-known for its use the proof of historical (PoH), consensus framework. Solana is said to have more features than Ethereum according to its developers. It has extremely low gas prices and super-fast speeds.

Solana has become a major player in many of the largest industries in the blockchain industry, such as Decentralized Finance (DeFi), and non-fungible tokens(NFT). StepN, Solend and Audius are just a few of the most popular applications created by Solana.

Solana is also used extensively in the NFT industry. It was used, for example, to create Magic Eden, the largest NFT marketplace in the world.

Where to buy Solana now

eToro

eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users have the ability to connect with, learn, copy, or get copied from other users.

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Binance

Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600.

Binance is known for its low trading fees and multiple trading options. These include margin trading, peer-to-peer, spot trading, and margin trading.

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Solana, like other blockchain networks has faced numerous challenges in the past few months. One, its activity on key platforms has declined. Its total value locked in DeFi has crashed from over $10 billion to slightly above $1.3 billion. Its NFT activity also declined.

Another key challenge is that Solana is widely known for its outages. In 2022 alone, the network has had several severe outages that impacted its entire ecosystem.

There are many catalysts that can drive Solana’s price. Its network has been used for building some of the most popular web3 networks like Audius and StepN. The developers have made significant progress in resolving the frequent outages. It also has a strong market share within key industries, which means that it will likely see a rebound in its price in the future.

Solana price prediction

The daily chart shows that SOL has been in a strong downtrend over the past few months. The coin has been moving below all moving averages. A closer look shows that it has found a strong support at around $30. This support seems like a form of a double-bottom pattern whose neckline is at $48.46.

Therefore, at this stage, the outlook oF Solana is neutral. A drop below the support at $30. 42 will signal that bears have prevailed. As a result, the coin will drop to the next key support at $25. On the other hand, because of the double-bottom pattern, a rebound to $50 cannot be ruled out.