Solana Remains Range-Bound as Network Transactions Near 100 billion
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Data from the Solana blockchain explorer shows that the network has now processed 96 billion transactions. At press time, the network can facilitate 2,470 transactions per second. Though a far cry from the promised 50,000-per-second capacity, this is a notable number.
Meanwhile, the year has presented many challenges before Solana. At press time, the blockchain cryptocurrency trades down at 76% on a year-to-date (YTD) basis. At the same time, the total locked value (TVL) on Solana’s decentralized finance (DeFi) space has been on a steady decrease. This is likely a result of the numerous setbacks faced by the network this year, which hampered investor confidence in the network.
The network has recorded seven network outages since its inception in 2020. However, five of those outages occurred in 2022 alone. The longest outage so far occurred in September last year, with the network found offline for about 17 hours.
In the face of all this, the network still has hope for a bright future. According to a report by CoinShares, dubbed the “Digital Asset Fund Flows,” institutional investors have significantly reduced their bets on Bitcoin and Ethereum-based investment products while increasing their exposure to other altcoins, including Solana. The report revealed that inflows into Solana-based investment products soared to $500,000 last week.
Key Solana Levels to Watch — September 8
Despite the general bullishness in the broader market this week, SOL continues to struggle with a sideways bias between the $34.00 to $30.50 range. The cryptocurrency suffered a major rejection from the top of this range earlier this week and now attempts a retest of that mark.
I foresee another rejection from the $34.00 resistance in the coming hours, followed by a drop to the $30.50 axis, essentially perpetuating the sideways bias.
However, an unlikely breach of this top would send the cryptocurrency flying towards the $38.00 mark within a short period.
Meanwhile, my resistance levels are $34.00, $36.00, and $38.00, and my support levels are $30.50, $28.50, and $27.00.
Total Market Capitalization: $974.9 billion
Solana Market Capitalization: $11.7 billion
Solana Dominance: 1.2%
Market Rank: #9
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