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Solana (SOL) Builds Crucial Resistance Amid Positive Long-term Sentiment

Tue, 02/21/2023 - 15:20
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Godfrey Benjamin
Solana is building its ecosystem for long term
Solana (SOL) Builds Crucial Resistance Amid Positive Long-term Sentiment
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Solana (SOL) has been a relatively high performer since the start of the year, with 157% growth in the year-to-date (YTD) period to prove it. At the moment, the price of the Layer-1 blockchain protocol is down by 4.18% over the past 24 hours in what appears to be a rejection of the crucial resistance point of $27.

Solana Daily Chart
Image Source: CoinMarketCap​​​​​

The Solana market bears may be in charge at the moment, however, chances remain that this current negative outlook will not last for long. Solana is still primed for growth in the long term as, despite the current liquidity crunch stirred by current sell-offs, the cryptocurrency is still charting key resilience with 19% growth in the past week.

Solana's Phantom Wallet Launches New Tool to Prevent Scam: Details

For Solana, its focus has always been a steady buildup to create value for all ecosystem members. Rather than run a marathon with respect to its protocol development, Solana has adopted a slower, longer-term approach. The protocol is currently undergoing a talent hunt program, dubbed Grizzlython.

According to Matty Ray, the head of growth at the Solana Foundation, said the hackathon event has recorded a total of 6,000 applicants, all competing to debut the next blockbuster application for the Solana blockchain.

Charting a new interoperable world

Solana has been growing its capacity as a highly interoperable Layer-1 protocol. Riding on this notion, the protocol has been inking a number of important partnerships to help expand its ecosystem.

One of these partnerships is with the Brave New Browser, as reported by U.Today last week. According to the announcement, Brave's users will be able to access Solana dApps through a seamless connection with native wallets like Phantom.

Solana's influence has grown over the past year, and while it has had significant downtime, expectations of comprehensive growth in the near future are high.

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About the author

Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey's articles has been featured on, Cryptonews and Coingape, among others.