Solana to GBP conversion price analysis
Are you ready to find out the Solana to GBP price?
Solana is one of the biggest contenders of Ethereum in the race of leading NFT and web3 platforms. Its scalability and hybrid consensus mechanism of proof-of-history and proof-of-stake make it a complete ecosystem for DApps. Besides, the blockchain’s native token, SOL, has also proved valuable and profitable crypto.
If you are interested in investing in this blockchain, here’s the Solana to GBP conversion. You can also find some insights into its value in this bearish market. Let’s start the price analysis!
Solana to GBP price today
According to CoinMarketCap, its current market cap is £10,378,162,442. Over the past 24 hours, its trading volume has been £741,967,001, with a 1.55% increase.
In comparison, SOL to USD value is currently $32.37, and it shows around 6% of upward movement in the last seven days. Moreover, its market cap in USD is $11,631,374,401.
Solana price analysis
Though the SOL blockchain is efficient, it is notorious for unannounced outages. It is one of the factors that often affect the SOL’s price. At the beginning of October, the network experienced another outage this year. Before this, it's worth was around £32.
However, it took a dip as investors and stakeholders’ trust in the blockchain shook. In the first week of October, its value dropped to £29; towards the end, its price reached less than £25. But it made some recovery, and currently, it is floating above the support level.
On the other hand, a significant hack of Mango Markets, a SOL-based lending protocol, has also affected its value. More than $100 million was drained from the DeFi platform. After the hack, the total value locked on the blockchain plunged. On 10 October, its TVL was around $1.32 billion; in the next three days, it dropped to $862 million.
A potential bullish outlook shows a 22% rise
Besides, the current market trends suggest a bullish outlook too. SOL's traded volume at the current price is the highest since 2 April, which indicates increasing buying pressure. If the buying pressure kept growing, there might be a surge of around 22%. This will likely take its worth to £35 in the coming days.
Nonetheless, it will reject this bullish theory if its value goes below £25. Moreover, it could result in a lower low of £23. Whether or not it shows resistance at the current value will determine the long-term trends.
Author: Wasay Ali
Wasay Ali is a versatile professional writer with global experience and a background in mechanical engineering and social science. He is adept at crafting news and informational content for the crypto space and has experience writing for other niches. He is a professional SEO content writer who has worked with several digital marketing agencies and clients in the US, UK, Pakistan, and Europe. He is a dedicated volunteer and enjoys reading, writing, poetry, and going to the gym. He is an INFJ-A personality type dedicated to positively impacting the world. Wasay has a passion for writing as it allows him to express his creativity, share his knowledge, and connect with people worldwide.