Price Analysis

Solana Price in Search of Strong Support, Will SOL Price Resume Rally Soon?


After breaching the $100 barrier, SOL went into price discovery mode, defying all market patterns to set a new all-time high of $215. One of the fastest-growing ecosystems is an altcoin. 

The Solana developer team announced that the project’s main network was suffering some “instability” on September 14 at 12:31 UTC. The team stated that they are aware of the issue and are investigating it. 

Solana, which sprang to attention recently as a low-cost Ethereum competitor, saw its price plummet roughly 15% on Tuesday night when the network was crippled by a 400,000 transactions per second ‘denial-of-service’ attack.

Validators chose to restart the blockchain to its original state before the incident after attempts to stabilise the network failed. Validators have already provided an updated version with instructions on how to install it. To get things started, at least 80% of validators must agree, according to Solana’s consensus method. 

Also Read : Bitcoin Price to hit $100K by December! But, The First a Dip is on the Way

Solana Price Analysis :

The SOL price has been in a strong bullish trend for the previous few weeks, as shown on the daily chart. A bullish breakout is indicated by a decisive closing above the upper trend line of the technical pattern at $169.79. In this situation, investors can anticipate an 11% increase in SOL before hitting the $188.88 resistance level.

Solana’s price remains slightly below the pivot point at $170, but with more buying pressure, it will easily overcome this level. Increased selling pressure, on the other hand, might push SOL lower, in which case we’ll need to keep a check on the immediate support around $129.53. 

If the buying pressure continues, the price of Solana is likely to turn this stumbling block into a platform. The bulls will be looking at the $194.22 and $199.23 supply hurdles if they close over $188.88.

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Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Delma Wilson

Delma is a B2B Content Marketer, Consultant, Blogger in the field of Blockchain, and Cryptocurrency. In her spare time, she loves to blog, play badminton and watch out ted talks. She likes pets and shares her free time with NGO.

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