SOL needs to flip resistance at $ 214 to support uptrend confirmation

Solana (SOL) has been consistently breaking out for months to become the fifth largest cryptocurrency by capitalization. But that’s not all, Solana has achieved yet another accomplishment ahead of the entry into 2022.

Solana in 2021

In the last days of 2021, the Solana Foundation applied as a project to reduce environmental pollution and achieve CO2 neutrality by 2021.

This was expected because Solana is considered an energy efficient chain, despite having completed more than 47 billion transactions to date.

Overall Solana transactions | Source: Solana

As described by the foundation, Solana only uses 1.9k Jun of electricity per transaction, while Ethereum and Bitcoin use 777 million and 7.41 billion Jun per transaction, respectively.

This is a huge hit for Solana, who has come a long way since launching the DeFi front this year to rise to the top of major blockchains. Solana’s TVL rose from $ 148 million to an all-time high (ATH) of $ 15.1 billion in just 9 months.

TVL on Solana | Source: DeFi Lama

In addition, the Sacramento Kings will The first NBA team released a limited NFT collection called “Laidback Lion” on Solana yesterday (December 24th). That announcement fueled SOL’s 22.25% rally over the past 10 days, which is now just 25.4% away from ATH.

In addition to price indicators, this week marked the first time in over a month that SOL’s MACD had seen a bullish crossover.

Solana price promotion | Source: TradingView

Solana is likely to have a hard time attracting new investors as the macroeconomic downtrend is leveling off more slowly than expected, which is why investor sentiment remains negative.

Investor sentiment Solana | Source: Antiment

But Solana’s strong social presence and rapid pace of activity could counter this declining trend in the future.

Solana development activities | Source: Antiment

Currently, $ 214 is the next major resistance level for SOL. Once this level is converted into support it can be viewed as in a bull cycle.

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