The post Solana Price Witnesses Brief Recovery Eyeing Potential Comeback appeared on BitcoinEthereumNews.com.

At the time of writing, SOL is trading at $145.02, up 2.14% in the last 24 hours. If the price manages to climb above $149 level, then it will likely test $160 resistance level. Since the introduction of Frankendancer, a new validator client, to the mainnet-beta, Solana’s transaction throughput has skyrocketed to 40,000 TPS. Some have drawn parallels between this development and Cardano, a network that can only handle 1.3 TPS at the moment. In a post on X, crypto expert Marty Party brought attention to this discrepancy, casting doubt on Cardano’s claims of increased throughput. While Cardano claims on its website that its eUTXO mechanism can process hundreds of transactions/second in theory, real-world performance seems to be much lower. Brief Recovery Underway This week, the price of Solana price declined by almost 8% and is now trading between $142-145 range. Holders of SOL shouldn’t be too concerned about this decline, because the whole cryptocurrency market saw a slump. Although there is resistance near $149, a prominent aspect is the emergence of higher lows, which suggests a bullish structure. Buyers are entering the market at greater and higher prices, indicating strength. At the time of writing, SOL is trading at $145.02, up 2.14% in the last 24 hours as per data from CMC. Moreover, the trading volume is down 15.52%. The present rising trend in SOL prices has been reinforced as a result of this advance, which has enabled price to reclaim the 200-day moving average. The SOL price has the makings of a full comeback thanks to rising network revenue and the appearance of positive chart patterns. If the price manages to climb above $149 level, then it will likely climb further to test $160 resistance level. However, if the brief bullish rally does not sustain and price falls…

---

Filed under: News - @ October 7, 2024 4:13 am