Solana (SOL) has been performing exceptionally well in the current crypto bull run, surpassing the broader market despite facing network issues and congestion. The increasing number of users and their on-chain activity, particularly with meme coins and transactions on decentralized exchanges, has resulted in congestion problems and unsuccessful transactions.
Recent setbacks in the blockchain have hindered Solana’s progress, with a significant number of non-voting transactions failing. Solana has a history of recurring downtime incidents, highlighting the need for solutions. Investors are closely watching SOL’s price trajectory as the network seeks resolutions.
Currently, SOL is showing signs of resilience in the short term, maintaining its price above $170. However, ongoing congestion may erode confidence in the network’s performance and potentially lead to a decline in SOL’s price. Crypto analyst Rekt Capital suggests that SOL must maintain support above the $184 mark to sustain its bullish run.
CoinCodex, utilizing artificial intelligence, predicts bullish sentiments for SOL in the short term, expecting it to surpass the $200 mark and trade around $230 by April 11.
As of now, SOL is trading at $174 with weekly losses of over 10%. The long-term effects of the network congestion on SOL’s price are uncertain, given that the asset has seen significant growth despite the issues. The price trajectory will also depend on broader market sentiment.
Disclaimer: The content provided does not constitute investment advice, and investing in cryptocurrencies involves risk.