The cryptocurrency market is painting charts red, and so is Solana price. Having recorded 16 greed days over the past 30 days, SOL saw a decline of approximately 28% in its value. The past 7 days have not been the best for the “Ethereum killer” token, witnessing a nosedive in its price by over 23%. As the crypto community is waiting in anticipation for Bitcoin halving, expectation in four days, will SOL price have recovered by then?

Market Performance of Solana Price

Solana’s most recent marketplace results indicate a notable decrease in various time periods. The token has also witnessed a a drop of 10.33% over the past day. This trend has also been demonstrated in its performance over the past week and month, reporting declines of 23.09% and 28.41% respectively. This signals a bearish phase that may concern traders.
Solana’s current price is $135.38, significantly lower than its record high of $260.06 achieved on November 7, 2021. The current price is forty eight.03% lower than the previous peak.
Boasting a market capitalization of approximately $60.5 billion, SOL holds the fifth position among the top 5 largest cryptocurrencies in the crypto market, according to CoinMarketCap. There was a slight drop in the trading activity regarding the token, as indicated by a drop of 5.76% in its trading volume, to reach $5.7 billion. Solana has a circulating supply of 446.6 million SOL out of a total supply of 573.9 mil over the past 24 hours.
In spite of the brief downturns, Solana continues to be a major contender in the cryptocurrency market, ranking among the top digital currencies. The blockchain era is renowned for its speed and low coffee transaction fees, making it an appealing choice for developers and projects in the industry.
Investors should also keep watch on Solana’s future performance and market news for possible changes in the current trend.

Solana’s New Update Aims to Alleviate Network Congestion and Improve Efficiency

Solana’s community will benefit greatly from the introduction of the latest update, version 1.17.31, to its validator client software. By using stake-weighted quality of service (SWQOS), the system prioritizes transactions from validators with stakes to improve performance and reliability of the network by resolving congestion issues.
This action is expected to alleviate the current community congestion, which could also improve user experience and promote more engagement on the Solana network. In conclusion, the upgrade is likely to impact Solana’s price by increasing trust in the network’s stability and efficiency.
Nevertheless, while the update is a move in the right direction, it may not lead to an immediate recovery in Solana’s price before Bitcoin halving. The improvements may also aim to mirror the market instead. However, these advancements and changes to the future could potentially enhance the lasting value and security of Solana.

The v1.17.31 release is now recommended for general use by MainnetBeta validators. This release contains enhancements which will help alleviate the ongoing congestion on the Solana Network.

— Solana Status (@SolanaStatus) April 15, 2024

Solana Price Forecast

In examining the technical indicators, SOL is currently trading under its various moving averages, such as the short- and medium-term ones (10-day, 20-day, 30-day, and 50-day), all suggesting a sell signal. Nonetheless, the extended averages (100-day and 200-day) indicate a purchasing indication, indicating the possibility of extended growth.
Majority of the oscillators are in a neutral zone, showing a Relative Strength Index (RSI) of 33.71, suggesting that SOL is approaching levels of being oversold. On the other hand, the MACD indicator is indicating a sell signal, indicating a decrease in momentum.
Additionally, Solana is currently trading within the pivot range, which falls between the support and resistance levels. The Fibonacci pivot level of 174.09 acts as a key resistance point, with potential support levels at 112.36 and 74.19 helping to stabilize SOL’s price amid any further decline.
With these indicators in mind, Solana’s price may remain volatile leading up to the Bitcoin halving. Although caution is necessary in the near future, there is potential for positivity in the long-term recovery trends.
However, it is crucial to recognize that the cryptocurrency market is well-known for its unpredictability. The upcoming halving of Bitcoin may result in increased market volatility, affecting the price of SOL. Investors must exercise caution and closely monitor market fluctuation

 

The post Solana Price: Will SOL Price Bounce Back Before Bitcoin Halving? appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am