Solana price predictions for potential growth in the near future. Solana (SOL) faced challenges with over 75% of its transactions failing in the last week, leading to concerns about the network’s reliability. Discover how the Solana team is addressing congestion issues and explore.
Solana Price Prediction: Is a Surge on the Horizon?
According to crypto analyst Bluntz, Solana’s drop seems to have reached its bottom, with a potential for a rebound. When news of network congestion surfaced, Bluntz made a Solana price prediction, suggesting that SOL’s value could dip to $160 before showing signs of recovery.
Bluntz’s analysis, based on a chart, indicated the emergence of an ABC zig-zag pattern in Solana’s performance. Despite SOL trading around $184 at the time, signaling that the C wave decline to $160 hadn’t been confirmed, Bluntz remained cautious.
Bluntz considered a sideways correction but doubted SOL/USD would drop below $160.
On a Wednesday, SOL hit a low of $162, coming close to the anticipated $160 threshold. Despite falling $2 short of the prediction, Bluntz sees this as a pivotal point for SOL’s price. Consequently, Bluntz stands by his Solana price prediction, suggesting a potential upward trajectory for SOL’s value.
Immortal, another crypto analyst pointed out that SOL/USD has shown a good range between $160 and $210. As per the analyst, “a deviation from here is a fat long, 100%.”
Despite the chance of a rebound, according to analyst Altcoin Sherpa, SOL is anticipated to decrease to $140, a price it hasn’t reached in nearly a month. These predictions add to the ongoing discussions regarding the Solana price prediction.
Source: Bluntz
Could the Network Upgrade Boost the SOL Price?
The SOL price has risen around 6% in the last day, and is recovering from the $162 range. Although in the last 7 days, the price of SOL has dropped by over 7.5%, in the last month, the price saw a significant increase of around 14%.
Over the past 24 hours, the trading volume saw a significant spike of 28%, suggesting a notable increase in market activity for the token.
Meanwhile, investors are expressing concerns about the Solana Network issue. The price of SOL won’t see maintainable growth until these issues are resolved.
Early Solana has gained appreciation for its low fees and fast transactions. In spite of that, the current Sonerio users and developers are facing headaches for both.
Austin Federa, from the Solana Foundation strategy team, addressed concerns.
Federa mentioned that developers from the main contributors to the Solana network are working hard to strengthen Solana’s networking system to cope with the high demand it’s facing.
He explained that the current software system isn’t strong enough to handle the huge amount of traffic it’s getting. So, the developers of the core protocol are testing and making improvements to the system, only resorting to raising fees as a last option.
As of now, the SOL/Usd price is trading around $174.
Source: TradingView
