The cryptocurrency market and Solana’s price are showing signs of a downturn. In the past month, Solana (SOL) experienced a greed period with 16 such days, leading to a drop of around 28% in its value. The last week has been particularly unfavorable for the “Ethereum challenger” token, resulting in a price decrease of over 23%. With Bitcoin‘s halving event just four days away, investors are left wondering if Solana’s price will have rebounded by then.
Market Performance of Solana Price
Recent data from Solana’s marketplace shows a noticeable decrease in value across different timeframes. The token has dropped by 10.33% in just one day, and this downward trend is also evident over the past week (-23.09%) and month (-28.41%). This suggests a bearish phase that traders might find concerning.
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.
Validators on the MainnetBeta network now advise using the v1.17.31 release due to its new features aimed at easing the current traffic congestion on the Solana Network.
— Solana Status (@SolanaStatus) April 15, 2024
Solana Price Forecast
When looking at Solana’s technical indicators, the current trading price is below all its short-term moving averages (10-day, 20-day, 30-day, and 50-day), implying a sell signal. However, its long-term moving averages (100-day and 200-day) indicate a buy signal, suggesting potential for extended growth.
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2024-04-16 20:05