Solana has gained 2% today, confirming investors’ return and a new wave of confidence. This slight recovery coincides with the exciting update that congestion issues on Solana have been resolved.
#Solana is up and running back again, and it seems like the congestion issues have been solved.
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
— Vlad Stoica (@VladStoica23) April 24, 2024
Based on this improvement, users will enjoy better transactions and enhanced interactions on the Solana network.
Solana Congestion Problems Resolved Attracting More Investors
The Solana community rejoiced after the announcement that the congestion issues on the network had been solved.
According to investor Vlad Stoica, Solana is up and running as expected. He noted that overcoming such challenges will make Solana stronger and build resilience.
This turnaround is quite impressive for Solana after recurring cases of network congestion that resulted in failed transactions. The solution to the congestion problems in Solana’s network took multiple attempts.
Even solutions proposed by developers such as Anza and upgrades like Stake Weighted Quality of Service (SWQOS) were ineffective. Nevertheless, the latest breakthrough will support Solana in reclaiming its position as a high-performance blockchain.
At peak conditions, Solana can process thousands of transactions per second (TPS).
Investor Raoul Pal Gives Bullish Price Prediction for SOL
As Solana is now clear of congestion issues, Real Vision’s top investor and CEO, Raoul Pal, is bullish on SOL’s price based on the improvement. According to Pal, in a YouTube interview, SOL can trade in the price range of $800 – $1,200 soon.
Pal also identified the massive growth potential in the Solana ecosystem, stating that SOL could rally up to $2000 in a complete cycle. On the more conservative side, he believes Solana could reach $750 at some point in this cycle.
Apart from Pal, another notable analyst, Ali, charted last month and noted that the sell signal on Solana’s daily chart had been invalidated. This translates into a bullish outlook for SOL in the coming weeks. Ali said that SOL pierced through the setup risk line at $198.
Additionally, he compared this pattern to SOL’s performance in December 2023, when it rallied 70% before the next sell signal. These predictions and positivity confirm that investor confidence in Solana is rising again and will likely boost its performance.
However, SOL trades at $142.38, with a 2.35% decline in the past 24 hours. This confirms that SOL is facing price volatility, but what lies ahead in the coming days?
What Next for SOL After Price Slump?
SOL has formed four consecutive bearish candles on the daily chart, confirming pressure from the sellers. However, it has found support at the $141.2 price level, preventing further decline.
SOL is trading above the Parabolic SAR indicator, a strong bullish signal hinting at a trend reversal. Therefore, SOL will likely re-test the $149.2 resistance level in the coming days. The RSI indicator is rising from the neutral zone and currently displays a value of 41.49.
If the RSI moves above 50, the buyers have regained market control, and SOL will likely rally to break above the $149.2 resistance based on historical patterns.
However, investors must conduct proper research before making any investment in cryptocurrencies.
