SOL had a rough week following the severe network problems of Solana, including over 75% transaction failures. Users were left in doubt after the price dropped by 7.8%. Some analysts believe that SOL is likely to rise in the near future.
Analyst Bluntz said that SOL did not hit the ground at $160, as he initially predicted, but rather at $162. Chart shows the reverse alphabet zigzag pattern, which indicates that the price will rise. Bluntz believes there is a chance of a correction in the sideways direction, but that SOL’s price will move up as soon as a trend develops.
Immortal Crypto is another expert in market analysis who believes that Solana’s prospects are “good”. They predict a range for SOL from $160 up to $200. Altcoin Sherpa’s insightful forecast predicts that the price will fall to as low as $140.
SOL’s price fluctuations have not been as smooth. The price of SOL has increased by 6 percent in the past 24 hours as it attempts to recover from its drop, which reached $162. The daily trading volume has increased by 28%. This is one of the signs that cryptocurrency acceptance is growing.
Investors are most concerned about the flow of data in the network. Solana’s developers have made every effort to tackle the issue of “unprecedented” demand through technologies such as quick calculations, queries streams and other technologies.
Austin Federal, who is the head of strategy at the Solana Foundation, shared a message on X about the problem that Solana is facing. He assured the users that all is well.
Many threads have been started on the exact cause of…
— Austin Federa | (@Austin_Federa) 10 April 2024
SOL currently trades for $172.74, a decrease of 0.14% over the past 24 hours.
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