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Solana Price at $79.27 after 9.8% Gains – How to Buy SOL

Solana Prioritises Southeast Asia With Grants Scheme Worth $5 Million
Solana Prioritises Southeast Asia With Grants Scheme Worth $5 Million

Solana network is renowned for offering high scalability. Its proof-of-history mechanism enables the network to process around 50,000 transactions per second. This scalability has attracted many DeFi developers to the platform. The increased popularity of Solana in the DeFi sector is also attributed to the rising value of SOL tokens.

Solana is trading at $79.27 at the time of writing after a 9.8% gain in 24 hours.

Solana Price Analysis

Solana Price Analysis Aug 21
Source: Tradingview

Solana is currently on a significant uptrend that has contributed to immense gains for the altcoin. In the past 24 hours, SOL created an all-time high of $81 before a slight slump led to it dropping to its current value.

Solana has been one of the best gainers in the past month, with a gain of around 198%. The uptrend shows great signs of pushing forward, given that market and buying support are still strong. In this case, we could see SOL pushing to retest the resistance at $81. If buyers rally up support at this level, SOL will create a new all-time high of beyond $82.

If there is a slight correction at this point, SOL could retreat to retest lower support at $78. Bulls are still strong despite volatility in the past 24 hours. Hence, a slump could trigger traders to accumulate more tokens, and prices will rise.

The gains on the Solana network have led to the first major rug-pull on a Solana based Launchpad. The rug pull was associated with a high yield farm, where the developers made away around $8 million belonging to investors. The yield farm was under SolPad, which has since apologized for the inconvenience.

SolPad also stated that it has been unable to trace the IP address of the Luna yield team. However, the platform has put together a compensation plan that will be made possible by the Foundation emergency fund.

Where to Buy SOL

If you want to buy SOL during the current bull swing, you can do so on the following platforms:

  • eToro

eToro is one of the leading exchange platforms. It supports a wide range of cryptocurrencies and trading pairs. eToro is also friendly to new traders because it gives them access to a copy trading feature that allows them to learn from the strategies of expert traders.

  • Coinbase

You can also purchase SOL from Coinbase. Coinbase is also another leading exchange platform. It gives users access to a wide range of cryptocurrencies. Coinbase also has user0-friendly features that ease the crypto trading process.

Looking to buy or trade Crypto now? Invest at eToro!

75% of retail investor accounts lose money when trading CFDs with this provide.

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