Solana
Solana Emerges as a Key Platform for DePIN Projects — SOL Technical Analysis
The Decentralized Physical Infrastructure Network (DePIN) uses decentralized and community-driven networks to build infrastructure efficiency and resilience, particularly in sectors such as AI and data storage. DePIN fosters a wide range of applications by encouraging decentralized services, thereby extending its benefits inside and outside the Web3 environment.
The Flipside report highlights Solana as a preferred platform for DePIN initiatives due to its high-speed transaction capabilities, low costs, and strong infrastructure. Garrison Yang, head of strategy and marketing at io.net, noted in the report that DePIN projects rely heavily on community engagement due to their nature as decentralized hardware networks. He highlighted that many projects, including io.net, are opting for Solana, recognizing it as the fastest growing ecosystem in the cryptocurrency landscape.
Render Network Expands Operations and Influences Post-Solana Migration
Render Network has established itself as a leader in decentralized GPU rendering, providing scalable, cost-effective computing power essential for AI, media rendering, and scientific research. After transitioning to the Solana blockchain in November 2023, the network managed to render approximately 33 million images, which corresponds to approximately 33,000 GPU hours, using NVIDIA RTX 3090 GPUs.
The number of active node operators on Render Network reached a peak of 1,900 in January 2024, representing a 66.3% increase following the migration to Solana. This increase in participation is largely due to the growing recognition of Render’s capabilities and the supportive environment Solana provides. Following the migration, node operator rewards also increased by 34.3%, reaching a peak of 228,000 RNDR in early January 2024.
Additionally, Render implemented a new Burn and Mint Equilibrium (BME) mechanism that stabilized the supply and demand dynamics of RNDR. Despite these positive developments, Render faces increasing competition in the decentralized computing space, which could influence its market position.
Source: reverse report
Helium enhances its mobile network with new features and international expansion
Helium Network, recognized as the world’s largest decentralized network, has seen significant expansion, especially in its mobile network segment. This growth is highlighted by the prevalence of token burns in Helium’s mobile network, which now far exceed those in its IoT network. This trend is fueled by the rapid adoption of Helium Mobile services.
In January 2024, the number of Helium Mobile subscribers reached a peak of almost 90,000, thanks to competitive pricing structures and incentives involving the MOBILE token. The Helium Mobile Discovery Rewards program has seen significant acceleration since December 2023, outpacing the growth rate of new subscribers. This increase is attributed to improved reward mechanisms and stepped-up efforts to combat fraudulent activity, ensuring that genuine contributors are handsomely rewarded.
Helium also introduced new features such as group plans, Hex Boosting and an international roaming option, which significantly improved the attractiveness of Helium Mobile. Additionally, a strategic partnership with Telefonica to expand coverage in Mexico highlights Helium’s growing influence in the sector.
Despite Helium’s importance in decentralized connectivity, other smaller projects are also making significant progress. WiFi Dabba provides affordable high-speed internet access in India through a network of micro-ISPs, using blockchain technology for its payment systems. Pollen Mobile offers users the ability to establish and manage their own private and secure cellular networks. Additionally, Uprock is developing a gamified peer-to-peer network where participants can store, access and share data, thereby earning rewards for various contributions to the ecosystem.
Solana (SOL technical analysis and forecasts
The chart below provides a detailed look at Solana’s performance against US Tether (SOLUSDT), with a 30-minute time frame showcasing its fluctuating path marked by the exponential moving average (EMA) and relative strength index (RSI). ).
Currently, the 9-day EMA is positioned at around $180.98, which marks a critical point for traders. This level reflects an ongoing struggle between buyers and sellers, with Solana’s price oscillating around this average. The EMA is particularly important because it helps identify short-term trends; Currently, Solana’s slight position above the EMA suggests a minor near-term bullish outlook.
Meanwhile, the RSI, shown in light purple on the chart, registers at 56.53. Positioned above the neutral 50 mark but below the overbought line of 70, the RSI indicates that Solana maintains positive momentum, but not to the point of being overbought. This status implies that there is always the potential for upward price movement without immediate risk of significant corrections often associated with overvalued conditions.
Analyze support and resistance levels
Solana price consistently found a robust support zone at $176, where it stabilized and rebounded from declines. Analysis of trading patterns shows that every time Solana price approached this level, it generated enough buying interest to stop further declines. This commitment from buyers suggests that traders and investors are recognizing the value at this price level, thereby pushing the price higher.
If Solana price drops below this initial support, it is likely to encounter another important support at $172.00. Historical trading data reveals that this price level has often played a dual role as support and resistance, highlighting its importance to market participants.
Conversely, Solana encountered minor resistance between $181.70 and $182.00, a range where bullish momentum stalled several times. Price typically reaches this range and then pulls back, reflecting selling pressure that limits further gains.
If Solana were to move past this initial resistance zone, it would face a subsequent hurdle at around $184.00. At this higher price level, selling activity could intensify as traders and investors may seek to capitalize on profits, recognizing that this is a difficult threshold, historically resistant to breakthroughs.
Finally, if Solana maintains its position above the EMA and the RSI continues to rise up to 70 without crossing it, prices could appreciate further. Conversely, a drop below the EMA accompanied by a drop in the RSI below 50 could signal a bearish turn, indicating increased selling pressure.