Will Solana, Terra, and Polkadot Broaden Their Rallies Further?

Will Solana Terra and Polkadot Broaden Their Rallies Further

Crypto markets in 2022 can be segregated into three different categories based on their core function or element of existence. Firstly, some blockchains produce storage value cryptocurrencies like Bitcoin. On second thought, there exist some blockchains that introduced or helped scale other services like Smart Contracts and Decentralized Finance tokens, much like Ethereum, Polkadot, Solana, and others. At last, there are stable coins that are pegged with fiat-based currencies; in short, these are digital variants of the commonly used currencies that carry a close value, but their market cap increases and decreases as per the liquidity pools. 

Crypto markets at present are worth around USD 2 Trillion, of which 41% of the value comes under Bitcoin’s dominance which is valued at $826 billion. Other coins also have a better presence forcing a decline in Bitcoin’s dominance. 

The in-demand and rapidly growing crypto economies include Solana (SOL), Terra (LUNA), and Polkadot (DOT). 

Solana (SOL)

Popularized as Ethereum’s growing rival, Solana has placed itself in a strong position in terms of services offered alongside Non-Fungible Token and DeFi spaces. The reason for its growing position is the subsequent lesser gas fees charged by the Ethereum blockchain networks. On paper, Solana costs 60,000 times cheaper as compared to Ethereum’s transaction fees. Working on the more advanced validation process called proof-of-stake along with Proof-of-History. Another advantage that users are getting with Solana is its execution environment that allows C, C++, Rust based programs to be used. The subsequent developments resulted in the development of a true rival for Ethereum. 

Solana Price History

2020 showed a gain of roughly 140%, where SOL began at $0.20 and ended the year at $1.59. The actual market momentum was shown in 2021, when SOL witnessed a massive growth from $1.51 and hit an all-time high of $267.52 on November 08, 2021. This was a clear elevation of the market value of Solana’s native cryptocurrency SOL by 17617%. This massive gain subsequently saw a decline of 38% by December 2021, hitting a closing value of $170. Solana declined further and failed to meet a strong support level at $70. This level was instrumental in bringing back the traction on SOL taking its value to $143. Currently, SOL has further declined by 22% so far in April 2022. 

Liquidation Data

The highest liquidity for Solana comes from a handful of exchanges, followed by a few Decentralized exchanges. 

Site Liquidation Rate 24-hour Position
Binance 2.41 Million 50.79% 53% Long position
FTX 1.08 Million 22.72% 52.69% Long Position
Bybit 1.04 Million 21.95% 50.57% Short Position
Okex 171.97 K 3.62% 74% Long Position
Huobi 29.59 K 0.62% 68.61% Long Position

Solana Price Prediction 2022

Considering the growth of the decentralized ecosystem, transaction costs are a big concern for entering into NFT to DeFi spaces. As per the Solana price prediction, the SOL price should grow at least by 50 to 80% from current levels and close the year 2022 with $185 to $215.  

Terra (LUNA)

Unlike the speculative blockchain and their native cryptocurrencies, Terra LUNA, is known for its stability-oriented cryptocurrencies that are powering the payment networks for the coming generations. The revolutionary idea behind converting more fiat pegged stable coins using its dual token system and improving the trustworthiness of stablecoins and relevant digital tokens. Terra is the blockchain’s stable coin, while LUNA is the guarantee token offered by its blockchain. Terra is essentially creating an environment for better acceptance of decentralized currencies, thus fostering a digital economy.

Terra Price History

Terra LUNA was launched back in 2020 but took an entire year to establish its ecosystem. The subsequent acceptance of Terra LUNA created a huge demand for this token, launching it from $0.65 to the peak value of $106.5, it gained a market value of 33409%. With no doubt about its capability or its potential, LUNA is all set to establish itself in a better position in the coming years. 

Liquidation Data

Majority of LUNA holders are in a positive state of mind, with a total of 70% long positions. 

Site Liquidation Rate 24-hour Position
Binance 2.58 Million 32.42% 55.53% Long position
FTX 2.40 Million 30.17% 78.97% Long Position
Bybit 1.79 Million 22.57% 71.19% Long Position
Okex 970.50 K 12.22% 80.66% Long Position
Huobi 166.75 K 2.1% 98.97% Long Position

LUNA Price Prediction 2022

LUNA has marked a tremendous year of growth, and unlike the other cryptocurrencies, it hasn’t lost a significant value in 2022. According to the current trend and LUNA coin price prediction, we can expect LUNA to hit a high of close to $150. 

Polkadot (DOT) 

Unlike the speculative blockchain and its native cryptocurrencies, Terra LUNA is known for its stability-oriented cryptocurrencies that are powering the payment networks for the coming generations. The revolutionary idea behind converting more fiat pegged stable coins using its dual token system and improving the trustworthiness of stablecoins and relevant digital tokens. Terra is the blockchain’s stable coin, while LUNA is the guarantee token offered by its blockchain. Terra is essentially creating an environment for better acceptance of decentralized currencies, thus fostering a digital economy.

Polkadot Price History

Terra LUNA was launched back in 2020 but took an entire year to establish its ecosystem. The subsequent acceptance of Terra LUNA created a huge demand for this token, launching it from $0.65 to the peak value of $106.5, it gained a market value of 33409%. With no doubt about its capability or its potential, LUNA is all set to establish itself in a better position in the coming years. 

Liquidation Data

The majority of DOT holders, are in a positive state of mind, with a total of 70% long positions. 

Site Liquidation Rate 24-hour Position
Binance 496.76 K 79.76% 67.44% Long position
Okex 107.57 K 17.32% 83.87% Long Position
FTX 8.88 K 1.43% 100% Long Position 
Bybit 8.01 K 1.29% 60.55% Long Position

Polkadot Price Prediction 

Consistency is the key in current crypto markets. Hence, we expect Polkadot to grow at least 6x from its low of 2022. Ideally, as per the Polkadot price prediction, the DOT crypto should close the year in the vicinity of $60 – 80, but we could also witness a triple-digit high value in 2022. 

Conclusion

2021 showed us a mere glimpse of possibilities in crypto-space, but 2022 will be heading us two steps ahead of the current situation with modern locations being developed to address the existing issues, be it related to scalability or transaction fees or overconsumption of resources. Those dreaming of becoming overnight millionaires should control their horses and avoid investing in a single blockchain. Diversifying one’s crypto portfolio among blockchains that could solve the issue, they are trying to solve will be a good move for crypto enthusiasts in 2022.

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