Name : Solana (SOL)

SOL Price : $148.723 -5.39%

Consensus Mechanism : Combination of Proof of Stake and Proof of History

Volume: 2,656,960,317

Market Cap: 66,642,783,439

Shariah Judgement

Solana focuses on scalable blockchain that can solve problems found from existing crypto assets such as Bitcoin. Solana allows faster processing times using proof of history method. The overview of this asset is similar to Bitcoin, Litecoin, and Ethereum. Solana's status is neutral and permissible to own and trade.

Shariah Status : Yes

Last Screening: Q3 2023

Legitimacy:

Project:

Token:

Reward:

Shariah Status:

Yes

Risk Analysis

Legitimacy

Shariah

People

In-Depth Analysis

1

Legitimacy Analysis

Details Status
Whitepaper The documentation covers various aspects of the Solana blockchain, including technical details, developer guides, and protocol specifications. The presence of detailed and well-maintained documentation enhances Solana's legitimacy as a legitimate and transparent project. Passed
Project Solana's legitimacy as a blockchain project is evident through its comprehensive and well-maintained documentation. The active engagement with the community through social media updates further establishes transparency and credibility. Passed

Additional Information : Solana is currently listed as digital assets up for trading on Recognized Market Operators approved by the Securities Commission of Malaysia to operate a Digital Asset Exchange.

2

Shariah Analysis

Project/Products Use Case Status
High-Performance Blockchain Solana is designed for mass adoption and serves as a high-performance network with applications in finance, NFTs, payments, and gaming. It operates as a single global state machine and maintains openness, interoperability, and decentralization. Passed
Ecosystem for Developers Solana's project offers a developer-friendly ecosystem that allows the creation of decentralized applications (dApps) and other projects. Passed
Use Case Status
On-Chain Program Payment Passed
Transaction Execution Fee Passed
Staking Reward Passed
System Status Interpretation
Staking Rewards Passed By contributing to staking, participants earn rewards sourced from transaction fees.
3

People Analysis

Details Status
Team The team behind Solana comprises highly experienced individuals with strong expertise and a proven track record in the blockchain and cryptocurrency space. Passed
Trading Signals
  • MA20

    Strong

  • MA50

    Weak

  • MA200

    Strong

  • BB

    Strong

  • MACD

    Strong

  • RSI

    Strong

  • Stochastic

    Strong

Pivot Points
  • Resistance 2

    150.18

  • Resistance 1

    149.72

  • Pivot Point

    148.8

  • Support 1

    148.34

  • Support 2

    147.42

Support & Resistances
  • Resistance 1

    157.03

  • Last Price

    149.25

  • Support 1

    126.96

Overview

Solana is a high-performance blockchain designed for mass adoption, offering a wide range of use cases from finance to NFTs, payments, and gaming. Operating as a single global state machine, Solana stands out with its energy efficiency, lightning-fast transactions, and low costs. Utilizing proof of stake and innovative proof of history, it ensures quick validation without mining. As an open-source project based in Geneva, Switzerland, Solana provides developers the freedom to build dApps and projects within an ecosystem.

Whitepaper & Documents

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COMMENTS

3 Comments

Torii

13 days ago

A very good screening report.

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Torii

13 days ago

May Allah bless the team.

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Shoaib Salmani

3 months ago

Hello sair

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Shoaib Salmani

3 months ago

Bius

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