- Solana’s recent 2% gain reflects renewed investor confidence as the network successfully resolves congestion issues, paving the way for enhanced transaction efficiency.
- Analysts predict SOL could reach $1,200 soon, bolstered by bullish sentiments from figures like Raoul Pal and positive chart indicators signaling a potential uptrend.
Solana, the high-performance blockchain platform, has marked a 2% gain today, signaling a resurgence in investor confidence. This upward momentum coincides with a significant development: the resolution of congestion issues that have plagued the Solana network in recent times.
#Solana is up and running back again, and it seems like the congestion issues have been solved.
— Vlad Stoica (@VladStoica23) April 24, 2024
As I was expecting, this was not the end of Solana, but only a challenge that the devs managed to fix.
Going through such challenges and especially managing to fix them only makes… pic.twitter.com/xAwQlKvd6Q
The announcement of Solana’s network congestion being resolved has sparked celebration within the community. Investor Vlad Stoica expressed optimism, emphasizing that overcoming such challenges strengthens Solana’s resilience.
This turnaround is particularly noteworthy given the recurrent instances of network congestion that led to failed transactions. Despite multiple attempts to address the issue, including proposed solutions by developers and upgrades like Stake Weighted Quality of Service (SWQOS), previous efforts had fallen short. However, the latest breakthrough is poised to bolster Solana’s reputation as a high-throughput blockchain platform.
At its peak, Solana boasts the capability to process thousands of transactions per second (TPS), making it a formidable player in the blockchain arena.
Real Vision’s prominent investor and CEO, Raoul Pal, has voiced bullish sentiments regarding SOL’s price trajectory following the network improvement. Pal predicts SOL could trade within the range of $800 to $1,200 in the near future, citing the substantial growth potential within the Solana ecosystem. He even envisions a scenario where SOL could rally up to $2,000 over a complete cycle, though he also acknowledges a more conservative estimate of $750 at some point in the current cycle.
Echoing Pal’s optimism, analyst Ali’s recent chart analysis invalidated the sell signal on Solana’s daily chart, indicating a bullish outlook for SOL in the coming weeks. Ali’s comparison of current patterns to SOL’s performance in December 2023, where it rallied 70% before the next sell signal, further adds to the positive sentiment surrounding SOL.
Despite a 2.35% decline in the past 24 hours, with SOL trading at $142.38, volatility remains a factor to consider. However, signs of a potential trend reversal are emerging. SOL has found support at the $141.2 price level, and indicators such as the Parabolic SAR and RSI suggest a possible uptrend.
Looking ahead, SOL is likely to re-test the $149.2 resistance level, with the RSI potentially signaling a shift in market dynamics if it crosses above 50. With renewed investor confidence and the resolution of congestion issues, Solana appears poised for a bullish trajectory, setting the stage for a potential surge towards $1,200.