According to crypto analyst Blantz, the Solana price drop has bottomed out. When news of network congestion broke, the analyst predicted that the SOL price would likely fall to $160 and then rebound.
According to his chart, the price started to show a zigzag ABC pattern. At the time, the #token was trading around USD 184, so the C-wave at USD 160 was not yet defined.
Analysts do not rule out "the possibility of a sideways correction. " However, they believe that "a fall of sol/usd below $160 does not make sense.
On Wednesday, #SOL hit a low of $162, breaking through "the low of wave A". According to the analyst, this was the bottom of the SOL price, which was $2 below his forecast. As a result, according to Mr. Blantz, the token's price "will continue to rise.
Another analyst, Immortal Crypto, noted that SOL was showing a "good range" between $210 and $160. According to the analyst, "a divergence from here is a 100% fat long.
Despite the rebound potential, altcoin analyst Sherpa expects SOL to fall to $BTC Will a network upgrade help SOL?
Solana's price has risen 6% in the past 24 hours, recovering from a drop to the $162 level. Despite a 7.8% drop over the past week, the price is up 13.5% over the past 30 days.
Similarly, daily trading volumes have increased 28% in the last 24 hours, indicating a buoyant token market.
However, some investors are concerned about the network's ongoing problems and note that token price increases won't begin until "the technology is fine-tuned.
#Solana is widely recognized for its fast transactions and low fees. However, the current state of frequent #blockchain failures is creating problems for users and developers alike.
Austin Feder, head of strategy at the Solana Foundation, responded to criticism and concerns and outlined the problems.
Developers from Anza, Firedancer, Jito, and other major contributors are working hard (and without sleep) to improve Solana's network stack to meet the unprecedented demands the network is currently experiencing.
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