As a seasoned crypto investor with a penchant for digging deep into the underlying fundamentals of the projects I invest in, I must admit that Snowden’s assertion about Solana being centralized has piqued my interest. However, my personal experience tells me that every technology, no matter how revolutionary, is often met with skepticism and criticism at its inception.
The price of Solana (SOL) has been impacted by the ongoing market slump and may have missed its predicted bullish pennant breakout. Yet, the pattern remains intact for now, and some additional price stabilization within the range of $130 to $161 could keep it viable for a future breakout. For the time being, well-known whistleblower Edward Snowden, who exposed Wikileaks, has expressed his concerns that Solana is centralized, a view he voiced at the Token2049 conference.
Is Solana Being Centralized Bad for SOL Price?
At the Token2049 gathering, the former NSA intelligence officer and government official Edward Snowden stated that he believes Solana is primarily centralized in nature, making it suitable mainly for meme tokens and potential fraudulent activities.
SNOWDEN: Solana is centralised
— Radar (@RadarHits) October 2, 2024
He noted that Solana is a case of a group of individuals taking advantage of a generational technological revolution for profit. While Solana provides convenience through its fast speeds and low transaction costs, Snowden pointed out that investing real value in the chain would be risky because of its centralized nature.
The issue of not being decentralized has always plagued the Solana blockchain. Generally speaking, centralization is generally not good for a cryptocurrency as it defeats the purpose of blockchain itself. Solana has been accused of inflating transaction numbers, which has had a positive impact on its SOL price.
Over time, the price of Solana has demonstrated a strong ability to recover even in the face of criticism. For example, when allegations about its initial centralization surfaced, the SOL price temporarily dropped. However, it soon rebounded as attention turned towards the clear expansion of its ecosystem.
Furthermore, the recent denial of the Solana ETF proposal made by VanEck and 21 Shares has served to bolster Solana’s credibility as a leading blockchain candidate among the general public.
Solana Price Sets Eyes On $300 Despite Criticisms
Similar to past instances, Solana continues to show determination in reaching even greater heights. The Solana (SOL) price graph suggests a bullish trend, and if this trend is interrupted, it might catapult the price above $500.
At present, the Solana price stands at approximately $141.64. This value aligns with the 38.2% Fibonacci retracement level in its major downward trend. This specific level is crucial because it frequently serves as a turning point for either continued movement or a change in direction.
The 50% Fibonacci retracement at $115 is holding as strong support, with the next major resistance above the 38.2% level at the 23.6% Fib retracement, close to $164.
On the graph, the indicator is directing us towards projected increased price ranges, hinting at a likely bullish trend that could propel Solana up to approximately $225 (initial significant resistance), with potential advancements even above $325.
If Solana’s price doesn’t manage to stay above its Fibonacci retracement level of 0.5, this could be a sign of vulnerability in the crypto market, potentially causing prices to fall further. The Solana (SOL) token might find a stabilizing point around $85 or $61 if the price trend continues downward.
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2024-10-03 10:08