Edward Snowden said Solana was centralized and probably only good for meme coins and scams.

Edward Snowden, a well-known whistleblower from Wikileaks, voiced his看法at the recent Token2049 about Solana's centralization, which he believes makes it suitable for meme coins and scams.

Snowden highlighted Solana's centralization during his appearance at the Token2049 conference, stating that it's a group of people using a once-in-a-generation technological revolution to get rich quickly. He noted that while Solana offers convenience with its fast speeds and low transaction fees, putting real value into the chain could be risky due to its centralized nature.

Solana's blockchain has faced persistent criticism for its lack of decentralization. In the world of cryptocurrencies, centralization is typically seen as a negative because it undermines blockchain's fundamental purpose. Solana has also been accused of inflating transaction numbers, which has had a positive effect on the price of its SOL token.

Despite these criticisms, Solana's price has historically shown resilience. For example, after the initial claims of centralization, the price of SOL dropped briefly but quickly recovered as the market's attention shifted to Solana's undeniable ecosystem growth.

Recently, the U.S. Securities and Exchange Commission (SEC) also rejected a Solana exchange-traded fund (ETF) application, which had been filed by VanEck and 21 Shares. This decision, however, had a positive impact on Solana's reputation among the public, bolstering its standing as a top blockchain contender.

Solana's price is eyeing $300 despite centralization criticisms

Solana appears to be setting itself up for new highs, despite the ongoing criticisms regarding its centralization. The SOL price chart presents a bullish continuation setup, which, if breached, could propel the coin's price to over $500.

Currently, Solana's price is encountering resistance at a Fibonacci retracement level, with the 38.2% retracement sitting at $141.64 and the 23.6% retracement at $163. The 50% Fibonacci retracement level, at $115, is acting as strong support.

An arrow on the chart indicates potential higher price targets, suggesting that if bullish momentum continues, we can expect to see Solana heading toward $225 (first major resistance) and beyond $325.

Solana's price prediction suggests that if the asset fails to sustain above the 0.5 Fibonacci retracement level, it could indicate weakness in the crypto market, leading to lower prices. If Solana's price continues to drop, support may be found around $85 or $61.

Common crypto questions:

1. What did Edward Snowden have to say about Solana at Token2049?

Solana's centralization was a hot topic at Token2049, with Former NSA intelligence and government contractor Edward Snowden sharing his thoughts on the matter. According to Snowden, Solana is only good for meme coins and scams due to its centralized nature, which makes it unsuitable for serious investment.

Snowden noted that a group of people is using a once-in-a-generation technological revolution to get rich quickly, referring to Solana. He added that while the chain offers convenience through fast speeds and low transaction costs, putting real value into it would be risky because of its centralization.

Solana's blockchain has been criticized for its lack of decentralization, which has also been a subject of debate. Centralization is generally not good for a cryptocurrency as it defeats the purpose of blockchain itself. Solana has also been accused of inflating transaction numbers, which has had a positive impact on its SOL price.

Historically, Solana's price has shown resilience despite criticisms. For instance, after the initial centralization claims emerged, the SOL price dipped but quickly bounced back as the market focused on Solana's ecosystem growth.

Moreover, the recently rejected Solana ETF filed by VanEck and 21 Shares contributed to improving Solana's legitimacy as a top blockchain contender in the eyes of the public.

Solana's price is eyeing $300 despite centralization criticisms

Solana's price appears to be setting itself up for new highs, despite the ongoing criticisms regarding its centralization. The SOL price chart presents a bullish continuation setup, which, if breached, could propel the coin's price to over $500.

Currently, Solana's price is encountering resistance at a Fibonacci retracement level, with the 38.2% retracement sitting at $141.64 and the 23.6% retracement at $163. The 50% Fibonacci retracement level, at $115, is holding as strong support.

An arrow on the chart points to potential higher price targets, suggesting that if bullish momentum continues, we can expect to see Solana heading toward $225 (first major resistance) and beyond $325.

Solana

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