Render token rises 8% as community votes on proposed Solana migration

Render Network's RNDR is up 8% in the last 24 hours after the community started voting on a proposed migration to Solana (SOL). The token is trading at $1.37 as of press time and has increased by 15.8% in the last seven days, according to CryptoSlate's data.

Timeline of Render-token, Solana

The Solana price analysis shows a bearish trend for the cryptocurrency as the bears have been at the winning edge for the last 24 hours. Although a strong bullish wave was controlling the price trend in the previous week, today's trend proved relatively in support of the sellers.

Solana price analysis shows that the coin has been facing a bearish trend in the market for the last 24 hours. The coin has been trading under a descending triangle pattern and has broken through the lower trend line.

Solana (SOL) has experienced significant price volatility this year, but it has been overwhelmingly positive, with the price increasing by more than 100% since the beginning of Q1. Though the current month has been volatile, experts remain optimistic about Solana's potential for growth.

SOL price prediction: Amid the ongoing recovery in the crypto market, the Solana coin price has been strictly resonating between a long-coming resistance trendline and a local support zone of $19.6-$19.2. This consolidation phase can be considered as an on-trading zone but the coiled-up price may outburst to a significant price movement.

Team members at the Solana-based decentralized exchange Raydium are proposing a bug bounty program worth 10 million RAY tokens (approximately $2.3 million) to identify and resolve any bugs in the platform's core smart contracts.

Crypto whales are suddenly on the move, relocating over nine million Solana (SOL) in a series of transactions. Whale-watching bot Whale Alert spotted the flurry of transactions to the tune of 9,075,999 SOL worth more than $186.84 million.

SOL Price Prediction: Amid the increasing bearishness in the crypto market the Solana coin price has witnessed a correction phase for over a week now. From the peak of $23.9, the coin price has tumbled 15.4% to reach the current price of $1.61.

Solana [SOL] has attracted a large number of users in the past to its network due to its cheap transaction fees and thriving ecosystem. However, over the last few months, the tides have been changing as Solana's network activity has started to fall sharply.

Solana [SOL] received a much-needed injection of positivity during the week as one of its chains infused liquidity into the network. While this development is certainly encouraging, it remains to be seen whether the injections will have a positive impact on other key metrics of the network.

Solana (SOL) is one of the most popular cryptocurrencies in the market, known for its fast transaction speeds and low fees. The platform has been gaining popularity in recent months, with investors flocking to it as an alternative to Ethereum (ETH).