Connect with us

News

Solana Price Likely to Surge as Transaction Speed Accelerates

mm

Published

on

VOC, Voice of Crypto, SOL

October isn’t here yet, but the tenth month of the year looks promising already for Solana.

Solana’s network is currently one of the fastest in the market regarding TPS (transactions per second) rates. Solana is known for processing an astounding number of transactions due to the improvement its creators have managed to make to its proof of stake mechanism.

However, for October, the buzz on Solana appears to be especially loud. According to data from CoinMarketCap, nearly 1500 crypto community members have predicted that Solana might trade at an average price of about $38.17 in October.

Solana Price Predictions

According to these predictions, Solana will rise by about 13% from its current position, around the $34.45 level.

Visual data from CoinMarketCap, showing Solana's present conditions 

Visual data from CoinMarketCap, showing Solana’s present conditions | Source: CoinMarketCap

This prediction of where Solana might be headed in October is interesting because it also coincides with its price predictions for the end of the year. Members of the same community have predicted that the cryptocurrency is likely to trade at $38.8 by the end of 2022 (a 15% increase from its current position).

Just recently, the number of transactions on the Solana network has been observed to have surpassed the 101 billion transaction mark, attracting institutional investors and retail traders to the network in droves.

Advertisement
Data from Solana’s Block explorer, showing network statistics

Data from Solana’s Block explorer, showing network statistics | Source: Solana Explorer

According to the Sol block explorer, the network currently processes a total of about 2,236 transactions per second. More than 90% below its peak capacity of about 65,000 transactions per second.

It is also worth noting that this year has been a rocky one for Sol so far, due to the frequent network outages that have affected its investors’ confidence.

Solana was the 5th largest cryptocurrency by market cap in 2021, with a market capitalization of about $66 billion. it is currently the 11th, with a market cap of about 12 billion.

SOL Price Analysis

According to the charts, the predictions on Solana don’t seem so far off the mark.

The price of the cryptocurrency has bounced off the $30 support and is now trending upwards.

Solana is now testing the resistance around the $34.5 level as a battle between the bulls and bears appears to be starting.

Chart of the 4-hour timeframe on Solana, showing possible consolidation, breakout, and uptrend to the $38 zone

Chart of the 4-hour timeframe on Solana, showing possible consolidation, breakout, and uptrend to the $38 zone | Source: Tradingview

If the bulls win and the price breaks the $34.5 resistance, we may see an uptrend that turns the price into the beginning of a cup and handle formation.

Conversely, if the bears win and Sol fails to break through the $34.5 resistance, we may see a drop in price to the $31.5 level before a rebound upwards

Advertisement
Chart of the 4-hour timeframe on Solana, showing possible consolidation and a bounce to the downside from $34.5 resistance

Chart of the 4-hour timeframe on Solana, showing possible consolidation and a bounce to the downside from $34.5 resistance | Source: Tradingview

At this point, it is important to wait for a breakout and a possible retest before opening any long positions on the SOL/USD pair.

 

Disclaimer: The author’s comments and recommendations are solely for educational and informative purposes. They do not represent any financial or investment advice. Always DYOR  (do your own research)

 

 

 

 

Advertisement

 

 

Adekunle Joshua is a cryptocurrency writer. He has a deep understanding of the technology and how it can be used to improve the world. James is a strong advocate for using cryptocurrency to make the world a better place. He wants to help people understand the technology and use it to improve their lives.

Newsletter

Trending