The crypto community has been amazed by recent Solana (SOL) predictions that the token should reach $31.
However, analysts also suggest that a new cryptocurrency known as Bitcoin Spark (BTCS) will outperform Solana.
Price of Solana
Over the past week, Solana (SOL) is up nearly 10%, showing some resilience. However, Solana demonstrated a bearish market structure on the daily chart that became particularly evident in early August when it slipped below the recent higher low of $22.73.
This article is sponsored content and does not reflect the opinion of the CryptoDnes team. The material does not constitute investment advice.
In mid-August, SOL experienced a more pronounced downward movement, falling 23.8% in eight days to reach its lowest point. The downtrend and market structure remain intact, with Fibonacci retracement levels pointing to the 61.8% level at $20.18. The Relative Strength Index (RSI) is below the neutral value of 50, highlighting bearish momentum.
However, analysts suggest that holding the line at the 78.6% retracement level at $16.94 is crucial for Solana bulls, as a successful test of this level could offer a buying opportunity, with potential price targets including local highs at $25.5, $29 and the ambitious target of $32.
However, analysts also warned that the impending liquidation of SOLs held by the failed FTX exchange, amounting to a staggering $1.16 billion, could have a significant impact on Solana’s price stability.
What is Bitcoin Spark and why it can outperform Solana?
Bitcoin Spark is a new crypto project that is believed to rewrite Bitcoin history, with several factors suggesting that it could overshadow Solana. First, Bitcoin Spark has a limited supply of 21 million, mimicking the scarcity factor that has made Bitcoin a high-value asset compared to gold.
This, combined with its low market cap, suggests unprecedented price spikes. In addition to this, the launch of Bitcoin Spark will be close to the start of the next expected crypto bull run, which has historically led to massive rallies for the low-cap “gems”.
In addition, Bitcoin Spark boasts faster and cheaper transactions thanks to its short block time, high transaction capacity in individual blocks, and huge number of nodes. Bitcoin Spark is also being prioritized as a more scalable platform for a variety of smart contracts and decentralized applications (DApps). It has a multi-layered architecture that includes a smart contract layer with separate execution systems, all of which terminate on the main network and allow for the use of different programming languages.
Additionally, the Bitcoin Spark ecosystem has significant real-world applications. The network uses an innovative consensus mechanism known as Proof-of-Process (PoP), which non-linearly rewards users for confirming blocks and providing their computing power.
PoP’s non-linear rewards functionality combined with the network’s extensive nodes enable many validators, even those with low-power devices. The network’s own application will enable users to participate in the verification by providing access to their device’s compute unit. The Bitcoin Spark development team ensures that the application is safe and easy to use. The validators’ power will then be rented out to institutions and individuals seeking remote computing resources, with payments made in BTCS.
Also, the Bitcoin Spark app and website will have small ad slots, with advertisers paying for the service with BTCS. The community will monitor ads to ensure the trustworthiness of the platform and ads. This innovative approach combines the booming marketing industry with the security and efficiency of cryptocurrencies.
BTCS is expected to launch at $10, which will represent an 800% increase from its initial price. However, BTCS is currently selling for $2.50 with a 9% bonus in phase 5 of the ICO, which means investors have a chance to get a 464% increase in investment by launch day.
More about Bitcoin Spark and ICO here:
Buy BTCS: young
This article is sponsored content and does not reflect the opinion of the CryptoDnes team. The material does not constitute investment advice.
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2023-09-23 21:02:18
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