What is happening with the SOL to GBP price and what are the predictions for the future?
The SOL token is one of the most famous cryptocurrencies out there. This is due to Solana’s scaling capabilities which allow the Solana network to process up to 75000 TP/s and compete with VISA.
What is the SOL token?
The SOL token is the governance token of the Solana blockchain. The Solana blockchain is a hybrid PoH (proof-of-history) and PoS (proof-of-stake) blockchain consensus that allows for deploying smart contracts and processing transactions on-chain.
SOL is used in:
• Staking and on-chain voting.
• Payment of transaction fees of which a part is burned, and the other part is used as rewards for validators.
SOL/GBP price history
Like other cryptocurrencies, SOL taken has taken a beating this year due to the bear market and the macroeconomic factors that have led to a lot of pain in the crypto market. The token has dropped by about 80% in the 2022 bear market.
Last year, SOL had a historic rally where its price increased from £1.11 on 1 January, 2021 to an all-time high of £192.06 on 7 November, 2021.
SOL/GBP price analysis
The SOL token is having trouble recovering due to its many outages this year (five so far), including one in October. This enormously subdued the token’s price below the £30 mark. The charts suggest that the SOL/GBP price has been ranging between the £24.28 support level and the £28.02 resistance level for over a week.
SOL/GBP price forecast
In the mini relief rally over the last few days, the SOL/GBP price managed to test the £28 mark, but a rejection followed, and currently, the token is trading around the £26.51 mark.
A break in the SOL/GBP above £28 could encourage bulls to fight further and push the token back above the £30 resistance level. If it manages to maintain this level, the next test would be at the £33 resistance level, which broke due to the latest outage of October.
Solana labs is expected to release its first phone, Saga, in the first quarter of 2023. If all goes well, a rally could occur by pushing the token’s price well above the £40 mark.
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