The Solana network recently launched a real-time data portal that tracks its carbon emissions from its blockchain. Since then, investor interest in SOL has surged, resulting in a price increase of almost 4% in 24 hours. This article will discuss the impact of the carbon emission tracker on Solana and its recent market movements.
Impact of Solana Carbon Emission Tracker
Solana’s carbon emission tracker dashboard provides real-time updates on key network metrics such as energy consumption, emissions, and network power intensity. The dashboard enables users to scrutinize network emissions from multiple angles, making it easier to understand the network's impact.
The carbon emission tracker revealed 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. The rollout of the emissions tracker has positively impacted the value of SOL, which has been dubbed an ‘Ethereum (ETH) killer’.
Market Movements
The carbon emission tracker has had a ripple effect on other on-chain metrics, with the number of daily active addresses on the network surging by around 12% within just one week. Investors are closely monitoring SOL’s support level at $20, which could potentially pave the way for further correction if breached on the downside.
Technical Analysis
The summary of TradingView’s one-day gauges indicates a predominantly bearish sentiment for SOL, with a ‘sell’ sentiment at 10. The moving averages also indicate a ‘sell’ at 8, while the oscillators indicate a ‘neutral’ sentiment at 8.
The recent launch of Solana’s carbon emission tracker has boosted investor interest in SOL. While the asset's technical analysis points to a predominantly bearish sentiment, the current buying pressure could potentially be sustained, leading to SOL breaking through its $25 resistance. Additionally, the imminent launch of Solana’s smartphone, Saga, is likely to create opportunities for mobile-based crypto transactions, opening up new avenues for growth and adoption.
Disclaimer: Not Financial Advices !
