Kraken’s prediction for the price of Solana ($SOL) looks optimistic, the popular exchange platform thinks it could see a 260% gain in value by the first quarter of 2022.
Kraken says that Solana’s price could rise up to 260%
Kraken explained that the price of Solana (SOL) has been in a broadening ascending wedge and appears to be in the early innings of its fourth wave of price discovery, in their November 2021 Market Recap & Outlook report.
Kraken stated in its report: “Should Solana continue to follow this pattern and re-enter price discovery mode, one could expect Solana to move north towards the about $600 resistance into the first quarter of 2022.”
Kraken has suggested that the decline in Solana’s price from its all-time high in November from around $260 to around $167 could be interpreted as a bullish sign for the cryptocurrency.
Also, the exchange platform says that: “Longer it takes for SOL to trend higher while also retaining the wedge’s uptrend line as support, potentially the higher SOL could travel before ultimately cooling off and entering into a downtrend.”
Kraken’s estimations say that Solana might potentially reach the $600 mark before it starts to move down.
CryptoCompare’s latest Asset Report suggests that the number of decentralized finance transactions on the Solana blockchain continued to grow, though at a slightly slower rate when compared to the previous months.
Solana is a high-performance blockchain built by former Qualcomm, Intel, and Dropbox engineers. It uses a delegated Proof-of-Stake (dPoS) consensus algorithm.
Solana network has a unique method of ordering transactions to be able to improve its speed and throughput. Even popular browser Opera has teamed up with the platform:
Opera joins forces with @Solana!🚀 The integration will enable Opera Android users to enjoy seamless access to Solana DApps alongside low-fees and fast transactions within the ecosystem. You’ll be able to access it through Opera in Q1 2022. Learn more: https://t.co/XRkHUSYrLZ pic.twitter.com/viRDwpQwEq
— Opera (@opera) December 10, 2021
