SOL came into a tough week after Solana’s network underwent severe problems including transactions exceeding 75% failure rates. The price declined by 7.8%, which triggered user doubt. But, some analysts think that SOL will rise shortly.
According to Analyst Bluntz, SOL didn’t hit the floor at the price of $160 as he had initially forecasted, but at $162. The chart shows the reversing alphabet zig-zag pattern at which point the price is to go up. However, Bluntz sees a possibility of a sideways correction but believes that SOL will continue moving up once the trend forms.
Immortal Crypto, another market analyst expert, is also confident in the prospects of Solana and foresees the range of SOL cryptocurrency to be “good” from $160 to $210. Through its insightful forecast, the Altcoin Sherpa anticipates a price collapse all the way down to $140.
The price fluctuation of SOL, however, has not been smooth. In the last 24 hours, the price has increased by 6%, as it tries to rebound from the drop reaching $162. Among the many indications of cryptocurrency’s growing acceptance is the daily trading volume shot up a staggering 28%, thus suggesting that the market activity was widespread.
The flow of information in the network is the main issue to investors. Solana developers are making all efforts to address the “unprecedented demand” issue through quick calculations, query streams, and other technologies.
Austin Federal who is recognized as the Head of Strategy at the Solana Foundation shared a post on X regarding the issue that Solana has been facing and assured users that everything is under control.
As of writing, SOL is trading for $172.74 with a percentage decline of 0.14% in the last 24 hours.
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