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Solana [SOL] Ups the Ante as 7th Ranked Crypto Becomes Biggest Gainer

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As the week drew closer the cryptocurrency market entered a flux consisting of bearish and bullish trends. Altcoins tried to match Bitcoin’s spike rate as new superstars like Solana and Polkadot rule the roost. Solana [SOL], currently holding the 7th rank, was the biggest gainer of the day after fervent activity on the charts.

The SOL community has been waiting with bated breath for a steady price hold with the latest bull run acting as just that. At press time, Solana was trading for $159 with a total market cap of $46.78 billion. Solana’s 7 percent price hike over the previous 24-hours was followed by Ethereum, which rose by 3 percent on Friday. Daily volume had touched $3.4 billion after a rousing response from the community.

Solana 1 hour chart:

Solana

Three strong green candles changed Solana’s hourly dynamic as the cryptocurrency tore away from its immediate support. SOL user sentiment may have begun to swing after witnessing the strong upward push. Immediate support was clocked at $143, a steady marker for the cryptocurrency.

Parabolic SAR: The markers stayed below the price candles as user momentum shifted into the green.

Bollinger bands: Both the bands diverged from each other after registering six consecutive green candles. The size of the Bollinger cloud was a definitive sign of Solana’s entry into the bull territory.

Chaikin Money Flow: The graph bounced back from the zero line, mostly enabled by the price hike. This further meant that more capital was entering the SOL ecosystem.

Solana 1 day chart:

Long-term resistance was clocked in at $126 after a tumultuous September. The previous week was a strong sign for price recovery as the market cap shot up in the daily spectrum.

Bollinger bands: The band’s moved parallel to each other as the candles constricted themselves within the bandwidth. After a month of slight movement, the last green candle climbed to new levels.

Chaikin Money Flow: SOL formed a k-shaped curve as the capital influx overtook the money leaving the market. The cryptocurrency showed similar patterns displayed at the start of August.

Parabolic SAR: Unlike the short-term yield, the markers here stayed above the candles. This was a sign that the market momentum was shifting after a period of dwindling seed funds.

Wipro: Blockchain and the Enterprise Wide Priority for 2020 and Beyond

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Blockchain technology, which hit the stage back in 2009, is still in its early stages and a lot of its potential has yet to be discovered. The decentralized digital archive is currently used to transfer ownership of property, properties, patents, and even contracts. Enterprises are rapidly implementing blockchain technology to add value to their companies.

Moreover, a report by Gartner back in 2019, predicted that the business value added by blockchain will slightly increase by more than $176 billion by the year 2025. In addition, the research advisory firm’s forecast suggests that the business value will then surge upwards exceeding a massive $3.1 trillion by the year 2030. 

The Gartner report indicated that, by 2025, more realistic use of the technology should have been identified, instilling confidence in the blockchain. As a result, this will spur the rapid growth and adoption of blockchain technology.

Ignore Blockchain at Your Own Peril- Report by Wipro & HFS

Moving forward, a recent report conducted by IT firm, Wipro Limited in partnership with research firm HFS, suggests that 75% of executives respondents are exploring how to utilize blockchain technology to the advantage of their firms. The report released on March 5 by Wipro, titled ‘Ignore blockchain at your peril, but don’t drive blindly’, claims that only 1% of executives find blockchain as unnecessary. 

The report is a result of a global study by Wipro & HFS, conducted with 300 executives, who include over 100 c-level executives who are directly involved in their firm’s blockchain projects . Additionally, during the survey, 940 blockchain initiatives across the industry were analyzed. The study looks at the state of enterprise blockchain and how enterprises are embracing it.

According to the chief research officer at HFS, said Saurabh Gupta:

“In 2019, we witnessed pioneering blockchain initiatives succeed and proceed from proofs of concept to pilots to ‘live, in-production’ while several other efforts failed to move beyond laboratories. 2020 promises to be the most exciting year with enterprise blockchain adoption coming of age to solve real-world business problems.” 

‘Blockchain 6-Pack’ Driving Enterprise Blockchain Adoption

As per the report, the ‘blockchain six-pack which includes; distributed shared data, consensus-driven trust, immutable transactions, data security, smart contracting, and permissioned and permissionless flavors; is what is driving enterprise blockchain adoption.

The report claims that more than 95% of enterprise blockchain’s key focus areas are:

  • Identity 
  • Crypto and tokens
  • Trade such as trade finance peer-to-peer trading and commodity trading
  • Remittance
  • Supply chain asset management and logistics
  • Fraud prevention
  • Finance

Furthermore, the report claims that blockchain adoption is gradual but progressive. In fact, at the moment only 14% of all blockchain engagements globally have reached the production stage. Nevertheless, the majority of blockchain users are ambitious and want to get to that level within the next two years.

Despite all the blockchain craze, the report found out that 60 percent of enterprises; are limpid about blockchain adoption and only 30 percent are ambitious but struggle to hit the ground. As per the report, taking a balanced approach towards implementing enterprise blockchain is crucial to its success. Gupta adds that it’s not possible for businesses to ignore blockchain since it is a value creation lever. However, she contemplates that people should not get carried away by the hype surrounding it.

Indeed, the findings of the survey suggest that 75 percent of executives; are employing blockchain for immediate impact or gain competitive advantage. The areas of focus include enhancing process efficiency and excellence, management of data and identity; business productivity, IT on top of transparency, trust and immutable payments and transactions.

Conclusion

The survey involved all major geographies of the planet including; Europe, North America, Asia Middle East, Latin America, and South-east Asia. Substantial coverage was on industries which include Banking, Financial Services, Insurance, Energy and Utilities, Industrial Manufacturing, Retail and CPG, Hi-tech and Telecom, Healthcare and Life Sciences, Travel and Hospitality, and Government and NGOs.

Blockchain is Entering The Telecom World In The Form Of Real Time Solutions

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Blockchain technology and its rapid spread throughout the world have been the rage of the financial ecosystem. When time passes, more and more companies have started to dive into emerging technology to make their operations more efficient.

New reports have stated that four telecoms: Deutsche Telekom, Telefonica, Orange, and T-Mobile US have started jointly testing a “production-ready” blockchain solution for determining network parameters.

Four telecommunications honchos have announced that the Global Mobile System [ GSMA ] will carry out a test for the blockchain solution. The approach will be used primarily in the area of automated management of inter-operator roaming discount agreements. The development of the latest entrant was first undertaken by Deutsche Telekom Laboratories and its international wholesale unit.

In an interview, Rolf Nafziger, the Senior Vice President of Deutsche Telekom Global Carrier stated:

“The inter-operator workflow in roaming has been basically unchanged for the last 20 years. In the near future however, new services like NB-IoT, LTE-M or VoLTE and other quality-based services will drastically increase the complexity of inter-operator discount agreements and respective settlements. This blockchain-based solution is the start of automating sections of our workflow.It will put us in a position to handle the additional complexity while increasing overall efficiency”

The carriers revealed that it was the immutable property of the blockchain that made it so appealing to use. Using blockchain, the companies can automate their workflow from start to finish. Blockchain is also designed to improve the complete wait time of processes within the company verticals. These include processes such as signing, drafting, and implementing inter operating roaming discount agreements.

All the companies involved in the partnership were of the opinion that the feature will be integral moving forward. February was also the month when Telefonica Innovation Ventures and Deutsche Telekom’s Telekom Innovation invested in another blockchain company called Clear.