Solana is likely to exit the bearish sentiments

Experts are forecasting a potential turnaround in Solana’s bearish sentiment in the days ahead. Crucial indicators reveal a substantial quarter-over-quarter rise of nearly 17% in the circulating market cap, as well as in both revenue denominated in USD and SOL. Moreover, experts are reinforcing Solana’s community by shedding light on the network’s leadership in energy efficiency, solidifying its position in the field.

First things first, the Q3 report from Messari depicts that there is an increase in circulating market cap and revenue in both segments. Annualized inflation has come under 6% for the first time since the third quarter of 2022. The data is true as of September 30, 2023.

SOL is currently exchanging hands at $23.75. This is a slip of 1.18% in the last 24 hours. Most of it is attributable to SEC complaints against Binance and Coinbase for listing the token alongside other assets as a security. That brought the price down by 34%. It did make a comeback in the second quarter and carry forward the momentum in the following phase; however, the damage was done, and the token continues to feel that.

Revenue in USD has been measured at $4 million for an increase of 18.8% on a Q-o-Q basis. The figure for the same was $3.4 million in the previous quarter. There is a lot to do before it finds safety. The same quarter in the last year had a milestone of $4.8 million. 

Solana inching closer to that target depicts why the network and ecosystem are poised to emerge from the bearish trend. The Solana forecast supports this to a greater extent. There is an estimate that the native token could end the current year at the mark of $48+. This positive trajectory will pave the way for the token to reach the $58+ mark next year.

An expert from the crypto community has stated that Solana is winning the race to be energy efficient. Ethereum is too large to ignore. Yet, it is Solana that is gaining a larger number of eyeballs.

Both of them serve the same customer base, except for the fact that Solana represents the fourth generation of the blockchain. It was launched to deal with the challenges of smart contracts and networks that previous networks could not eliminate. It now has better performance and higher throughput.

Experts have compared the energy efficiency of Solana with Bitcoin and Ethereum. Statistics show that Bitcoin uses 5 billion Joules of energy, Ethereum sees 144k Joules of energy, and Solana restricts the number to just 658. Experts have said that this is way less than what a single Google search consumes.

Solana’s true test now is in the current quarter. The ecosystem and network must sustain growth. Only then will the community and investors gain a sense of a brighter time.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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