Analyst Predicts Solana (SOL) Bounce Amid Network Congestion Problems
2024年4月12日 - 5:00AM
NEWSBTC
Solana (SOL) faced difficulties the past week after the network’s
transaction failure rate reached over 75%. Since then, Solana’s
core contributors have been working to find the congestion
problems. SOL’s price tumbled 7.8%, and users seemed worried about
the network’s state. Despite this, some analysts predict a more
optimistic performance for SOL soon. Related Reading: Paradigm
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Ethereum, Solana Is Solana Poised For A Bounce? According to crypto
analyst Bluntz, Solana’s drop has reached its bottom. When the news
of network congestion broke, the analyst predicted that SOL’s price
would likely fall to $160 before seeing a bounce. According to
his chart, the performance was starting to show an ABC zig-zag
pattern. At the time, the token was trading around the $184 price
range, which meant that the C wave of $160 had yet to be confirmed.
The analyst remained open to the “possibility of a sideways
correction.” Nonetheless, he considered it “would make no sense for
sol/usd to sweep down lower below 160.” On Wednesday, SOL reached a
low of $162, sweeping the “A wave low.” To the analyst, this seems
to be the bottom for SOL’s price despite being $2 short of his
prediction. As a result, Bluntz considers that the token’s price
will go “higher from here.” ABC pattern on the SOL monthly chart.
Source: Bluntz Another analyst, Immortal Crypto, pointed out that
SOL has shown a “good range” between $210 and $160. According to
the analyst, “a deviation from here is a fat long, 100%.” Despite
the possible bounce forecast, analyst Altcoin Sherpa
expects SOL to drop to $140, a level it has not seen in almost
a month. Will The Network Upgrade Help SOL? In the last 24 hours,
Solana’s price has risen 6%, recovering from the drop to the $162
range. Despite a 7.8% drop in the past week, the price surged 13.5%
in the last 30 days. Similarly, the daily trading volume increased
by 28% in the past 24 hours, suggesting a surge in the token’s
market activity. Nonetheless, investors remain concerned about the
network as the problems continue, with some suggesting that the
token’s price won’t start pumping until the “tech is sorted out.”
Solana is widely recognized for its fast transactions and low fees.
However, the current on-chain failure rate presents problems for
both users and developers. Responding to the critics and concerns,
Austin Federa, Head of Strategy at the Solana Foundation, gave
insights into the problem. Developers from Anza, Firedancer, Jito,
and other core contributors are working diligently (and not
sleeping much) to shore up Solana's networking stack to meet the
unprecedented demand the network is seeing today. There's been a
lot of threads on what exactly is causing the… — Austin Federa | 🇺🇸
(@Austin_Federa) April 10, 2024 According to Federa, developers
from the core contributors to the Solana chain are “working
diligently to shore up Solana’s networking stack to meet the
unprecedented demand the network is seeing today.” The developer
explained that “the implementation of a software system is today
not robust enough to handle the amount of traffic being thrown at
it.” As a result, the core protocol developers are working to test
and implement improvements, leaving “increasing fees as a last
resort.” At the time of this writing, SOL is trading at $174.57.
Related Reading: Solana Open Interest Drops $370 Million Amid
Network Troubles, $200 Still Possible? Solana performance in the
weekly chart. Source: SOLUSDT on Tradingview Featured Image
from Unsplash.com, Chart from TradingView.com
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