Solana is the native coin of the solana network. It is a proof of stake coin thus delegates use the stakers coin to secure the solana network where they receive the reward in form of new coins being released and disburse them to stakers based on their staking power. Users of the solana network can as well use it to pay for transaction cost whenever they want to transfer solana coin from one solana address to another as well as solana based tokens from one solana address to another. Community owners can as well use the solana coin to create their own community coin. Dapp owners can as well use solana to pay for transaction cost for their dapps over there.
On Monday the 28th of August, one solana started trading at around $20.805. On the same day,the price dropped to around $20.034 but later slightly rises to around $20.776 on the same day. By Tuesday the same week, the price rises to around $20.776 which later dropped to around $20.119 on the same day. The price later rises to its highest point of $22.055 on the same day . By Wednesday the same week, the price dropped to as low as $20.612 but later rises to around $20.862 on the same day which was followed by a slightly drop to $20.612 on the same day. By Thursday the same week, the price rises again to $21.048 . The price was followed by a huge drop to $19.419 on the same day but slightly rises to around $20.019. This is shown as from the candlesticks chart below;
The above is the weekly price analysis for solana from Monday the 28th of August to Thursday. As you can see, the price started trading at around $20.805. On the same day, the price can be seen to have dropped by $0.771 but later rises all the way by $0.742 on Tuesday the same week. That price increase is as a result of sellers being more than buyers at $20.034 thus creating an upward pressure movement due to oversold condition over there. at $20.776, the price dropped to $20.119, a price decrease of $0.657 on the same day but later rises by $1.936 on the same day which was followed by a huge drop to $20.612, a price decrease of $1.443. This price decline is due to buyers being more than sellers at $22.055 thus creating a downward pressure movement due to an overbought condition at $22.055. The price slightly rises to around $20.862 on Wednesday the same day but later slightly dropped to $20.612 the same day. By Thursday the same week, the price rises to around $21.048, a price increase of $0.436. The price resist to continue moving upwards but instead hugely dropped to $19.419 on Thursday the same day which is a price decline of $1.629. This is due to an overbought condition at $21.048. The price later slightly rises to $20.019 on the same day but could be seen to have started a downtrend. If the buyers will continue to be more than the sellers, then we should expect to see this downtrend continuing while if the sellers will exceed the buyers at $19.419, then we should expect to see an uptrend to above $20.019 and above.
