Bulls pushed for recovery and the price has climbed above the $130 mark.
If the price manages to climb above $134 level, then it will likely test $140 resistance level.
In response to claims that the Solana network is not decentralized, Solana Foundation executive director Dan Albert argued during a Korea Blockchain Week (KBW) 2024 panel that the ability to coordinate a patch does not prove that the network is centralized. The capacity to coordinate the correction of a defect, Albert said, does not prove the existence of a centralized network.
However, the ability of the Solana Foundation to connect with the node operators allowed for the patch coordination. Being able to freely communicate with them is different from being centralized, the executive director said.
Brief Recovery Witnessed
For more than a week, Solana has been under intense selling pressure, which has accelerated its monthly collapse. Since Solana’s funding rate became negative around August 28, traders were expecting additional drops and were therefore mostly prepared for this one. Many short-term traders are focusing on the consolidation area of $124–$140, seeing it as a chance to buy the dip.
At the time of writing, SOL is trading at $133.65, up 1.59% in the last 24 hours as per data from CMC. Moreover, the trading volume is up 61.96%. The price lately found support at $124 level, after recent decline. Bulls pushed for recovery and the price has climbed above the $130 mark.
If the price manages to climb above $134 level, then it will likely test $140 resistance level. However, if the bearish momentum continues and the price falls below $127 level, then the price will retest $124 level. Breaking below this level will likely see price going all the way till $118 support level.
