Last week brought challenges for SOL as Solana’s network experienced significant issues, leading to transaction failure rates exceeding 75%. As a result, the price of SOL dropped by 7.8%. This price decline has left some users feeling uncertain, but certain analysts remain optimistic about SOL’s future growth.
Based on Analyst Bluntz’s assessment, the price of SOL didn’t reach his predicted low of $160, instead hitting $162. The graph indicates an irregular zig-zag pattern suggesting a potential rise in price. Nonetheless, Bluntz suspects a brief period of sideways movement before anticipating further upward momentum for SOL.
The current low of the “A wave” in the Solana/USD chart has been surpassed, and there are numerous four-hour dividends visible in the Solana/BTC chart now. It’s likely time to prepare for the upcoming price increase.— Bluntz (@Bluntz_Capital) April 10, 2024
Expert market analyst Immortal Crypto shares similar optimism as others regarding Solana’s future. According to their assessment, the value of SOL cryptocurrency is expected to fall between a “good” range of $160 and $210. In contrast, the Altcoin Sherpa predicts a potential price drop down to $140 based on their analysis.
SOL’s price trend has been erratic in the past 24 hours. Despite a 6% rise, the price is attempting to bounce back after dipping down to $162. A notable sign of cryptocurrency’s expanding popularity is the significant surge in daily trading volume by 28%. This indicates that market activity was brisk and widespread.
In reality, how data moves within the network is a significant concern for investors. Solana’s developers are working diligently to resolve the “unprecedented demand” problem using techniques such as swift computations, query streams, and advanced technologies.
Austin Fedele, acknowledged as the Strategist at Solana Foundation, recently addressed concerns in a post about ongoing issues with Solana, reassuring users that the situation is being effectively managed.
Core developers at Anza, Firedancer, Jito, and other key contributors are putting in long hours (and sacrificing some sleep) to strengthen Solana’s networking infrastructure in response to the extraordinary network traffic it’s currently experiencing. There’s been much discussion lately about the specific reasons behind this surge in demand.
— Austin Federa | (@Austin_Federa) April 10, 2024
Currently, the SOL price is at $173.74, representing a 0.14% decrease over the past 24 hours.
source:Coinmarketcap
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2024-04-12 01:24