{"id":602742,"date":"2025-04-11T20:00:29","date_gmt":"2025-04-11T20:00:29","guid":{"rendered":"https:\/\/www.shenyangcang.com\/?p=602742"},"modified":"2025-04-11T15:10:29","modified_gmt":"2025-04-11T15:10:29","slug":"analyst-predicts-solana-sol-bounce-amid-network-congestion-problems","status":"publish","type":"post","link":"https:\/\/www.shenyangcang.com\/news\/solana\/analyst-predicts-solana-sol-bounce-amid-network-congestion-problems\/","title":{"rendered":"Analyst Predicts Solana (SOL) Bounce Amid Network Congestion Problems"},"content":{"rendered":"

Solana (SOL) faced difficulties<\/a> the past week after the network\u2019s transaction failure rate reached over 75%. Since then, Solana\u2019s core contributors have been working to find the congestion problems.<\/p>\n

SOL\u2019s price tumbled 7.8%, and users seemed worried about the network\u2019s state. Despite this, some analysts predict a more optimistic performance for SOL soon.<\/p>\n

Related Reading: Paradigm Drives $225M Funding Round For Monad Labs, Blockchain Rival To Ethereum, Solana<\/a><\/div>\n

Is Solana Poised For A Bounce?<\/h2>\n

According to crypto analyst Bluntz, Solana\u2019s drop has reached its bottom. When the news of network congestion broke, the analyst predicted that SOL\u2019s price would likely\u00a0fall to $160 before seeing a bounce.<\/p>\n

According to his chart, the performance was starting to show an ABC zig-zag pattern. At the time, the token was trading around the $184 price range, which meant that the C wave of $160 had yet to be confirmed.<\/p>\n

The analyst remained open to the \u201cpossibility of a sideways correction.\u201d Nonetheless, he considered it \u201cwould make no sense for sol\/usd to sweep down lower below 160.\u201d<\/p>\n

On Wednesday, SOL reached a low of $162, sweeping<\/a> the \u201cA wave low.\u201d To the analyst, this seems to be the bottom for SOL\u2019s price despite being $2 short of his prediction. As a result, Bluntz considers that the token\u2019s price will go \u201chigher from here.\u201d<\/p>\n

\"Crypto,<\/p>\n

ABC pattern on the SOL monthly chart. Source: Bluntz<\/a><\/pre>\n
Another analyst, Immortal Crypto, pointed out<\/a> that SOL has shown a \u201cgood range\u201d between $210 and $160. According to the analyst, \u201ca deviation from here is a fat long, 100%.\u201d<\/p>\n
Despite the possible bounce forecast, analyst Altcoin Sherpa expects<\/a>\u00a0SOL to drop to $140, a level it has not seen in almost a month.<\/p>\n
Will The Network Upgrade Help SOL?<\/h2>\n
In the last 24 hours, Solana\u2019s<\/a> price has risen 6%, recovering from the drop to the $162 range. Despite a 7.8% drop in the past week, the price surged 13.5% in the last 30 days.<\/p>\n
Similarly, the daily trading volume increased by 28% in the past 24 hours, suggesting a surge in the token\u2019s market activity.<\/p>\n
Nonetheless, investors remain concerned about the network as the problems continue, with some suggesting<\/a> that the token\u2019s price won\u2019t start pumping until the \u201ctech is sorted out.\u201d<\/p>\n
Solana is widely recognized for its fast transactions and low fees. However, the current on-chain failure rate presents problems for both users and developers.<\/p>\n
Responding to the critics and concerns, Austin Federa, Head of Strategy at the Solana Foundation, gave insights into the problem.<\/p>\n
\n
Developers from Anza, Firedancer, Jito, and other core contributors are working diligently (and not sleeping much) to shore up Solana's networking stack to meet the unprecedented demand the network is seeing today. <\/p>\n
There's been a lot of threads on what exactly is causing the\u2026<\/p>\n
— Austin Federa | \ud83c\uddfa\ud83c\uddf8 (@Austin_Federa) April 10, 2024<\/a><\/p><\/blockquote>\n