Over the past week, the Solana blockchain has faced serious congestion challenges that have led to a transaction failure rate exceeding 75%. The situation resulted in a 7,8% drop in the price of its cryptocurrency, SOL, generating concerns among users about the stability of the network. However, industry analysts are optimistic about an imminent recovery in the token's value.
Bluntz, a renowned cryptocurrency analyst, suggests that Solana may have already reached its lowest point during the recent crisis. According to him, the SOL price would likely reach $160 before starting a recovery. With the token trading around $184 at that time, the prediction of a C wave was still pending confirmation.
“It wouldn’t make sense for sol/usd to fall below 160,” said Bluntz, who was also receptive to the possibility of a sideways correction. Surprisingly, on Wednesday, the price of SOL reached $162, practically confirming Bluntz's analysis. For him, this seems to be the minimum value, establishing a basis for subsequent ascension. “It will go up from here,” the analyst declared confidently.
On the other hand, Immortal Crypto pointed out that SOL demonstrated a good trading range between US$210 and US$160, considering any deviation in this range as an excellent buying opportunity. “A deviation from here is a great buy, 100%,” highlighted Immortal Crypto.
Good range on $ SOL
A deviation here is a fat long, 100%. pic.twitter.com/PiuKulHzha
— Immortal (@inmortalcrypto) April 10, 2024
On the other hand, Altcoin analyst Sherpa has a slightly more cautious view, predicting that the price of SOL could fall as low as US$140, a level that has not been seen for almost a month.
These divergent analyzes highlight the dynamism of cryptocurrency market, where volatility is a constant, and even periods of turbulence can create buying opportunities for the most attentive investors.
At the time of publication, the solana price it was quoted at US$172,72 with an increase of 0,5% in the last 24 hours.
