Solana Price Prediction: Can SOL Hit $200 as Congestion is Resolved
Solana Price Prediction: Can SOL Hit $200 as Congestion is Resolved
In recent weeks, Solana (SOL) has been thrust into the spotlight within the cryptocurrency industry due to persistent network congestion, which threatened its standing as a potential competitor to established entities like Ethereum (ETH).
However, recent efforts to address these issues seem to have borne fruit. According to an update shared by SolanaFloor on April 24, the congestion problems have been successfully resolved, and transactions are now confirmed in under two seconds.
The journey to resolving these issues has not been without its challenges. Particularly, initial attempts, including solutions proposed by developers like Anza and network upgrades, proved insufficient, leading to prolonged congestion.
The increased network activity, driven mainly by interest from meme coins launched on the platform, significantly contributed to the saturation. Notably, throughout this period, SOL traded with a bullish bias that aligned with the overall market sentiment.
SOL Price Prediction
With congestion issues resolved at the moment, attention has now shifted to how the resolution will impact Solana's valuation. Currently, Solana is trading above the $150 support zone, with the focus now on the bulls sustaining strong buying pressure to push the price above the $160 resistance zone.
Success in doing so could propel Solana towards its $200 target. However, failure to achieve this and a large-scale sell-off SOL could trigger a correction down to $150.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.