Solana

Investor interest in Solana (<a href="https://finbold.com/cryptocurrency/solana/" rel="noopener noreferrer nofollow">SOL</a>) has experienced a boost since the network launched its <a href="https://solana.com/news/announcing-real-time-emissions-measurement-on-the-solana-blockchain" rel="noopener noreferrer nofollow">real-time data portal</a> on April 21 for tracking carbon emissions from the <a href="https://finbold.com/topic/blockchain/" rel="noopener noreferrer nofollow">blockchain</a>.As evidence of this growing interest, the asset’s price has surged by almost 4% in the past 24 hours, reaching $22.13 by press time. This price movement is a welcome boost for Solana, which has experienced weekly losses of around 8.5%.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/4646db5fce8a4c55b3fcf2a9b83b10ed.png" />SOL seven-day price chart. Source: FinboldThe rally is largely due to the increased buying pressure, resulting in the asset’s market cap rising to $8.6 billion, a significant increase of $312 million in just 24 hours.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/7b3827d1a9b945e58a6c884a1793ddc0.png" />SOL one-day market cap chart. Source: CoinMarketCap<h2 id="header-0">Impact of Solana carbon emission tracker</h2>Solana unveiled the dashboard at a time the <a href="https://finbold.com/guides/cryptocurrency/" rel="noopener noreferrer nofollow">crypto sector</a> is focused on curbing the carbon footprint. The dashboard provides a means to stay up-to-date with key network metrics such as energy consumption, emissions, and network power intensity. In this line, with regular updates, network emissions can be easily scrutinized from multiple angles, allowing for a comprehensive understanding of the network’s impact.One notable insight from the tracker indicated that Solana emitted approximately 10,651 tonnes of carbon dioxide and consumed over 26,000 megawatt-hours of electricity within a year from April 1, 2022, to March 31, 2023.In general, the network updates have been touted to positively impact the value of SOL, which has been dubbed as an ‘Ethereum (<a href="https://finbold.com/cryptocurrency/ethereum/" rel="noopener noreferrer nofollow">ETH</a>) killer’.The recent rollout of the emissions tracker on the Solana network has had a ripple effect on other on-chain metrics. For instance, the number of daily active addresses on the network has surged to 266,940 as of April 22, a remarkable growth of around 12% within just one week.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/bbd0b006ae9e406d8f6f8c4bf66db7a1.png" />SOL one-month daily active addresses chart. Source: The BlockThis achievement is even more impressive given the network’s past struggles with regular outages, which had raised questions about its sustainability. Furthermore, the network faced scrutiny following its association with the now-collapsed <a href="https://finbold.com/ftt-tokens-on-chain-activity-skyrockets-amid-ftx-revival-rumors/" rel="noopener noreferrer nofollow">FTX crypto exchange</a>.Elsewhere, other noteworthy developments on the horizon are likely to contribute to the value of SOL. For instance, the imminent release of Solana’s smartphone, named Saga, is expected to become available for purchase in early May. The launch of Saga is likely to create opportunities for mobile-based crypto transactions, potentially opening up new avenues for growth and adoption.<h2 id="header-1">SOL price analysis</h2>The recent short-term surge in SOL’s price could potentially indicate a reversal of the asset’s previous downward trend. The increase in buying pressure suggests a potential <a href="https://finbold.com/guide/bull-market-definition/" rel="noopener noreferrer nofollow">bullish</a> sentiment in the market, with buyers entering positions anticipating future price gains.At present, investors are closely monitoring SOL’s <a href="https://finbold.com/guide/support-and-resistance/" rel="noopener noreferrer nofollow">support</a> level at $20. If the asset breaches this value on the downside, it could potentially pave the way for further correction.However, if the current buying pressure is sustained, Solana may have a solid foundation to break through its $25 resistance. This would be a significant milestone for the asset and could potentially attract more investors, further driving up its price.According to TradingView’s one-day gauges, SOL’s <a href="https://finbold.com/guide/technical-analysis/" rel="noopener noreferrer nofollow">technical analysis</a> is currently showing a predominantly <a href="https://finbold.com/guide/bear-market-definition/" rel="noopener noreferrer nofollow">bearish</a> sentiment. The summary of the gauges suggests a ‘sell’ sentiment at 10, similar to the <a href="https://finbold.com/guide/moving-average/#:~:text&#61;Moving%20average%20definition,instrument%20over%20a%20specified%20period." rel="noopener noreferrer nofollow">moving averages</a>, which indicate a ‘sell’ at 8. Additionally, the <a href="https://finbold.com/guide/stochastic-oscillator-definition/" rel="noopener noreferrer nofollow">oscillators</a> indicate a ‘neutral’ sentiment at 8.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/1d5cf3710f264832982a6a081cd5e3f5.png" />SOL technical analysis. Source: TradingViewGiven that the broader market is mostly trading in the red zone, SOL’s price may encounter resistance at critical levels, potentially leading to a price pullback. This may occur if investors begin to take profits, which could further weigh down the asset’s price.Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.Read more cryptocurrency news on <a href="https://finbold.com/category/cryptocurrency-news/?utm_source&#61;CMC&amp;utm_medium&#61;social&amp;utm_campaign&#61;CMC&amp;utm_content&#61;long" rel="noopener noreferrer nofollow">Finbold.com</a>.

Solana rallies after network’s carbon emissions tracker launch

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