Solana Price Prediction as Healthy Retracement to $100 Hints Potential Rebound
Highlights
- The Solana price persist with the higher highs and low indicate the recovery trend is intact.
- The SOL price drop below the 20-day EMA reflected the near trend is sideways to bearish.
- The 24-hour trading volume on the Solana coin is $923 Million, indicating a 38% loss.
Solana Price Prediction: SOL, the native token of the Solana ecosystem witnessed a notable correction amid the current market consolidation. From the last peak of $118.7, the asset tumbled nearly 16.9% to hit a low of $98.64. However, with the broader trend bullish, the Solana price showcased resilience above the 50% retracement level indicating the bulls continue to remain a dominant force in the asset.
Also Read: Solana Price Prediction: SOL Could Rally To $120 If Bulls Clear Key Barrier
SOL’s Price Surge Mirrors a Sharp Rise in Transaction Fees
The Solana price returned on a recovery trend in late January as the Bitcoin price witnessed a massive inflow into spot ETFs. The positive sentiment boasted the SOL price from $79 to $118.7, registering 50% growth.
The latest data from Power Your Own Research (PYOR), an institution-focused analytics tracker, reveals a striking surge in Solana’s average transaction fee, as highlighted by Ethereum veteran Toghrul Maharramov. The average fee has experienced a staggering 2,800% increase, leaping from a mere $0.001 to $0.03. This 30-fold escalation in transaction costs coincides with a last October-December rally in Solana’s market price, which soared from $19 to $125.
Not so small anymore https://t.co/HKYZkihwSf pic.twitter.com/FrrefKgFNM
— Toghrul Maharramov 🇺🇦 (@toghrulmaharram) February 24, 2024
This trend of rising fees is a testament to Solana’s growing network demand and utilization, underscoring the burgeoning interest in its capabilities. However, it also brings scalability and cost-efficiency to the forefront of the discussion.
By the press time, the SOL price traded at $102.6 and showcased a notable uptick from the 50% Fibonacci retracement level with a Morning Star candle. If the reversal pattern holds true, the Solana coin could chase a potential target of $118, followed by $256.
Also Read: Farcaster Enables Seamless Solana Address Verification on Decentralized Protocol
Technical Indicator
- Exponential Moving Average: Amid the latest retracement, the 50-day EMA slope provides strong pullback support for SOL traders.
- Vortex Indicator: A bearish crossover between the V+(blue) and VI- slope reflects the current correction is waning the recovery trend in this altcoin.
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