TradingView / Solana Price Chart 04-24-23
TradingView / Solana Price Chart 04-24-23

In a move toward environmental responsibility, the Solana Foundation has taken the initiative to confront the ecological impact of its blockchain network.

Solana is one of the first major smart-contract blockchains to introduce real-time emissions measurement, an achievement made possible through a partnership with Trycarbonara, a platform specializing in carbon data.

The newly developed emissions tracker, seamlessly integrated into Solana nodes, provides an in-depth and continuously updated evaluation of the blockchain’s environmental footprint.

The assessment encompasses a range of factors, including emissions granularity at the server level, embodied emissions associated with hardware infrastructure, and Power Usage Effectiveness (PUE) as a measure of data center efficiency.

The data set, which is open and free for public use, allows validators, ecosystem projects, and teams to examine individual contributions to the network’s carbon footprint and explore potential mitigation strategies.

The Solana Foundation’s commitment to transparency and accuracy in measuring emissions sets a new standard for the blockchain industry and invites collaboration with other ecosystem players.

Solana Price Prediction and Technical Analysis: Down 13.5% for the Past Week

Despite the positive strides in environmental accountability, the Solana price has experienced a notable decline, dropping by 13.5% over the past week.

With this recent downtrend, where is the Solana price heading next?

Exponential Moving Averages (EMAs) Paint a Mixed Picture:

The 20-day EMA for Solana currently stands at $22.35, slightly below the 50-day EMA of $21.854 and the 100-day EMA of $21.602.

Solana’s price is currently hovering below the 20-day EMA at $21.84 as well, indicating short-term bearish pressure.

RSI Hints That Solana Price Is at Neutral Territory:

The Relative Strength Index (RSI) for Solana is 47.95, which falls within the neutral zone (30-70).

This suggests that the market is neither overbought nor oversold, and traders may be waiting for a clear signal before making their next move.

MACD Signals Solana Price Bearish Momentum:

The Moving Average Convergence Divergence (MACD) indicator provides insight into market momentum.

The current MACD histogram value is -0.28, compared to the previous day’s value of -0.21.

The negative histogram and its increasing magnitude suggest bearish momentum is building up.

Volume Analysis Indicates Decreased Activity:

Solana’s trading volume has decreased from 2.754 million to 1.846 million, falling below the volume moving average of 3.957 million.

This reduction in volume is a potential indication that the price breakdown is temporary and that the Solana price may have entered a period of consolidation.

The next move with a significant uptick in volume may potentially decide where the Solana price is heading next.

Fibonacci Levels Reveal Key Support and Resistance for the Solana Price:

Plotting a reverse Fibonacci retracement level in Solana’s recent swing low reveals the significant levels where the price may experience some activity.

After experiencing rejection at the Fib 0.618 level at $22.87 on April 20, this level now serves as immediate resistance for the Solana price.

On the downside, the current support is at the Fib 0.5 level at $21.56. Should the price break below this level, the next support is at the Fib 0.382 level at $20.25.

While the Solana price is experiencing a slight uptick of 1.72% so far today at $21.84, the technical indicators present a mixed outlook.

The bearish MACD, coupled with decreased volume, suggests caution. Traders should keep an eye on key support and resistance levels, as a break in either direction could signal the next price trend.

While Solana’s efforts to measure and mitigate its environmental impact are commendable, it’s not the only blockchain-based project with an eye on sustainability.

A new blockchain-based green crypto initiative called ecoterra is also making strides in the eco-friendly crypto space, and has much more potential upside than Solana given the coin’s recent challenges.

Ecoterra: Tokenizing Recycling and Promoting Sustainability

Ecoterra is a blockchain-based Recycle2Earn cryptocurrency project with a mission to motivate both individuals and businesses to participate in recycling activities by offering incentives in the form of cryptocurrencies.

ecoterra is currently holding its presale, with phase one of the $ECOTERRA token presale already raising over $2.2 million so far.

Visit ecoterra Now

ecoterra’s goal is to combat the adverse effects of climate change by incentivizing actions such as planting trees, disposing of trash responsibly, and cleaning up the environment.

Utilizing the power of the Ethereum blockchain, ecoterra ensures transparency and verifiability of its impact over time.

Their Recycle2Earn application is a prime example of ecoterra’s innovative approach. With this app, users can earn ecoterra tokens as rewards every time they engage in recycling their waste materials.

The process is simple: create an account, scan the barcode on the recyclable item, find the nearest Recycling Vending Machine (RVM), and receive tokens upon recycling.

ecoterra’s ecosystem comprises five fundamental components: Recycling, the Recycling Marketplace, Educating, the Carbon Offset Marketplace, and an Impact Profile.

Through these components, ecoterra aims to create a self-sustaining and circular ecosystem that promotes recycling and combats global warming.

Standing Out in the Eco-Friendly Crypto Space

As awareness of environmental issues grows, businesses and individuals are actively adopting sustainable practices.

Consequently, the crypto market has seen a surge in green projects aiming to reduce energy consumption and environmental harm.

However, ecoterra distinguishes itself by offering a unique way for companies to become more eco-friendly while reaping tangible benefits.

ecoterra’s Recyclable Materials and Carbon Offsets Marketplaces allow participants to earn rewards and credits, while the Impact Profile feature provides transparency for customers to see companies’ positive contributions.

The current price of one ecoterra token is $0.00625, and its listing price will be $0.01.

Visit ecoterra Now

Both Solana and ecoterra exemplify the potential of blockchain technology to drive positive change in environmental sustainability.

As these projects continue to innovate and inspire, the future of eco-friendly crypto looks brighter than ever.

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