Solana Price Prediction: SOL Pullback To $106 Is An Opportunity To Buy The Dip

8EPf...HCks

18 Feb 2024

Solana price prediction: SOL reveals a bullish trend with the potential for reaching new heights amidst a vibrant market movement

STORY HIGHLIGHTS

Solana's current price hovers around $109, slightly down after recent gains.
Recent weeks have shown bullish trends, with Solana's price moving between $105 and $112.
The potential for Solana's price to hit $120 or even $130 remains strong, buoyed by current market momentum.

Solanap price prediction: SOL has embarked on an impressive trajectory in recent weeks, showcasing a robust bullish trend on its chart. Currently, the digital currency hovers just above the significant resistance level of $100. This comes after witnessing a series of bullish days. As of the latest updates, Solana’s price is $106. This reflects a slight dip of over 3% within the past 24 hours.

Solana Price Prediction: Navigating Through Market Volatility

On a broader scale, the cryptocurrency market has experienced a substantial upswing. Bitcoin, for instance, has consistently traded above the $50,000 mark throughout the week. This surge in Bitcoin’s value has affected many altcoins, including SOL. The altcoin has been actively trading within a bullish range of $105 to $112.

Solana price prediction
SOL
$109.9656
Trade Now
However, Solana’s trading volume has significantly declined, dropping to $1.62 billion over the past 24-hours. Despite this decrease in trading activity, Solana’s market capitalization has soared to approximately $47 billion. This surge has elevated Solana to the fifth-largest cryptocurrency by market cap.
Despite the optimistic trend, market analysts about a potential increase in Solana’s value. Nonetheless, the investor community remains keen on capitalizing on long positions, anticipating a rebound in its price. This optimism persists even amid Solana’s recent lackluster performance in the market.

Solana Price Prediction: Future Outlook and Market Sentiment

If the current upswing in Solana’s market value continues to gain momentum, SOL could see the digital asset aiming for the $120 resistance level. If this bullish trend maintains its course, the prospect of Solana hitting the $130 mark becomes increasingly plausible, marking a noteworthy rebound in its market dynamics.
On the downside, failure to overcome this critical threshold could trigger a downward spiral. In such a scenario, the $90 level stands out as a crucial support zone for Solana, potentially facing scrutiny in the event of sustained bearish pressure.
The Moving Average Convergence Divergence (MACD) indicator currently exhibits a bullish signal, with its trajectory edging above the signal line. A green histogram on the MACD underscores a rising buying interest despite minor bearish undertones.
Solana price chart: Tradingview
SOL
$109.9656
Trade Now

The Relative Strength Index (RSI), resting near the 50 threshold, portrays a market in equilibrium. The Average Directional Index (ADX) further affirms this neutral stance, which hints at a short-term bearish inclination. Meanwhile, the positioning of the 20 Exponential Moving Average (EMA) above its 50-EMA counterpart suggests that Solana could be on the brink of further advances, bolstering the optimistic sentiment surrounding its market presence.
Related Articles

Solana Down: What’s the Reason Behind Recurrent Outages

Solana Down: Experts claim SOL Mainnet Beta suffered a significant performance degradation due to the BPF loader and high TPS issues
By Varinder SinghFebruary 6, 2024

STORY HIGHLIGHTS

Solana engineers released a new validator software release for network restart
Solana Mainnet Beta suffered a significant performance degradation again
Matthew Sigel, head of digital assets research at VanEck, claims BPF loader failureas root cause of outage
Solana missed 100% uptime for a year

Solana Down: Solana engineers released a new validator software release for validator operators to upgrade and restart of the Solana network after an outage for 5 hours. All Solana-related activities including spot and derivatives trading, staking, and others halted after Solana stopped processing blocks at 10:00 UTC on Tuesday.
Solana team has yet to reveal a report on the Solana outage. It said, “Core contributors are working on a root cause report, which will be made available once complete.”

Solana Release Patch For Network Restart

Solana Status in the latest post on February 6 revealed that a new validator software release, release version v1.17.20, is available for upgrade. This includes a patch to resolve the cluster issue that caused the network to halt. Engineers from across the ecosystem readied the software release. Validator operators were asked to prepare for an upgrade and restart of the network.
In an earlier post, Solana team said “Engineers from across the ecosystem are investigating an outage on mainnet-beta.” The team updates the community in real time as more information becomes available.
As per Stakewiz data, Solana network start is underway as validators install the software release. Once 80% of the stake has restarted, the cluster resumed block production from slot 246464041. The block production on Solana mainnet beta resumed at 14:57 UTC.
South Korea’s largest crypto exchange Upbit decided to temporarily suspend deposits and withdrawals for SOL, GMT, RAY, and ACS tokens due to the ongoing Solana network outage.

Reason Behind Outages

Solana Mainnet Beta suffered a significant performance degradation again, similar to last year. Solana blockchain has suffered over a dozen outages in the last few years. While the team will release a root cause report soon, experts pointed out the design of the system as the major reason.
Matthew Sigel, head of digital assets research at VanEck, claims BPF loader failure was the reason behind the latest outage. The Berkley Packet Filter (BPF) is a mechanism to deploy upgrade and execute programs on Solana. A bug was triggered, relating to earlier SMID (Solana Improvement Proposal) which added a blocker to stop metadata from being used in the BPF.
Moreover, Solana handles all their consensus on-chain, which means all validator communications are on the chain just like a transaction. It causes transaction volume as well as TPS to rise massively.

Also Read: Solana Outage: Fix Released For Validator Operators To Restart Network

Solana Missed 100% Uptime

Solana network has missed its 100% uptime for a year by 20 days, as per data by Solana Status. The network suffered a major outage for 18 hours on February 25 due to cluster instability that happened after the v1.14 upgrade causing block finalization to slow significantly.
SOL price fell 4% after the outage on Tuesday, reducing the community’s sentiment on Solana and prices. However, the price is currently trading at $100, up over 5% in the last 24 hours amid a crypto market recovery on Thursday.

SOL Outage: Fix Released For Validator Operators To Restart Network

Solana, a leading blockchain network, faces a major outage, prompting validators to prepare for a restart.

STORY HIGHLIGHTS

Solana network experiences significant disruption, prompting urgent action.
Jupiter Exchange reassures users, provides support amid Solana network downtime.
Core engineers swiftly mobilize to identify and address the root cause of the outage.

Solana encountered a significant disruption resulting in the halt of block progression. The outage, reported via Solana’s System Status, disrupted the network’s operations, prompting immediate attention from stakeholders. Efforts to rectify the issue are currently underway, underscoring the urgency to restore normalcy to Solana’s functionality.
The outage, as indicated on Solana’s system status post on X, signifies a critical performance degradation within the network. Laine, a trusted Solana validator, corroborated this assessment, highlighting the severity of the situation. With block progression brought to a standstill, Solana’s operational integrity faces a notable challenge, necessitating swift action to pinpoint and address the underlying cause.
Core engineers swiftly mobilized to identify the root cause of the outage and initiate remedial measures. Their diligent efforts have led to the identification of a fix aimed at restoring normalcy to Solana’s operations. Network validator @mtromp issued a crucial announcement, affirming the development of a solution tailored for validators to implement promptly. This proactive approach underscores the collaborative efforts within the Solana ecosystem to swiftly address disruptions and uphold the network’s reliability.

Jupiter Exchange Assures Support

Jupiter Exchange, in response to the ongoing downtime of the Solana network, reassures its users via a post on X of dedicated support amidst the disruption. Despite the current outage, the entire Jupiter team stands ready to address any inquiries promptly. Users are encouraged to open a ticket on Discord, where Jupiter’s support team will promptly attend to their queries.
Furthermore, Jupiter Exchange provides clarity regarding stop-loss orders for perpetual contracts during this period. Users can rest assured that stop-loss orders will execute precisely at the designated price, ensuring continued security and reliability for traders navigating the volatile market conditions.
Also Read: Solana Outage Casts Shadow On SOL, GMT, RAY, ACS Trading

Preparing for SOL Network Restart and New Validator Software Release

Validators within the Solana network have embarked on crucial preparations to facilitate a seamless restart. One key step involves generating snapshots utilizing their local ledger state. This meticulous process ensures that the most recent data before the outage is captured, laying the groundwork for a smooth resumption of operations. Laine, a respected Solana validator, shed light on the intricacies of this preparatory phase, highlighting the meticulous efforts undertaken by validators to safeguard the network’s integrity.
The forthcoming validator software release marks a pivotal moment in Solana’s recovery efforts. This update contains a critical patch meticulously crafted to address the underlying issue responsible for the cluster’s halt. Solana Foundation, the steward of the network’s maintenance, has emphasized the imperative for validator operators to swiftly adopt the new software release.