Solana centralization controversy resurfaces, where will the price of SOL go in the future?
A technical expert has come out and said that Solana is actually quite centralized. So what will happen to SOL next?
Although some people say that SOL can still rise, even to $300, Edward Snowden poured cold water on it at the Token2049 conference. He thinks that Solana centralization may only be suitable for playing with meme coins and scams.
People in the Solana community disagree with this statement. They think that network data clearly shows that it is growing and being adopted.
The price of SOL has indeed been affected by the market decline. Originally, everyone expected it to break through the bull pennant mode, but now it seems that it will have to consolidate between $130 and $161 for a while.
So will Solana's centralization really cause the price of SOL to fall?
Snowden, the former NSA buddy, was blunt at the conference, saying that Solana is a typical example of centralization, and investing real money in it is risky. He also said that Solana is an example of a group of people taking advantage of the new technological revolution.
The issue of centralization is indeed a headache for Solana. After all, cryptocurrency is about decentralization, and Solana is accused of being centralized, so it is naturally not very popular. Some people also say that its transaction volume is inflated. Although these have caused the price of SOL to fall, Solana's ecosystem has been growing, and the price has rebounded.
In addition, the rejection of the Solana ETF also makes it look more like a serious blockchain competitor.
Despite the criticism, SOL is still eyeing $300. From the chart, if SOL breaks through a certain point, the price may soar to more than $500!
The current price of SOL is $141.64, which has reached a very critical Fibonacci retracement level. This point is critical, it may cause the price to continue to rise or reverse.
If the price of SOL continues to fall, it may find support around $85 or $61.
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