Amid a rollercoaster weekend for the cryptocurrency market, Solana has emerged as one of the best-performing digital assets. Today, Solana has rallied more than most large-cap cryptocurrencies that are on a rebound. As of 08:27 UTC, Solana was trading at $154.57, up by 6.98%.
The weekend crash, caused by various factors, including options expiries and geopolitical tension following Iran’s missile attack on Israel, sent shockwaves through the crypto sphere at first. However, Solana’s strong recovery highlights its resilience and new-found momentum.
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Geopolitical Risks Already Factored In
The strong market rebound is because the crypto market has already priced in geopolitical risk surrounding the Iran-Israel conflict. Further relief came after reports indicated that the US had privately encouraged Israel to show restraint. This behind-the-scenes diplomacy has helped calm nerves and restore confidence in financial markets — including crypto.
Upgrade To Ease Congestion Unveiled
In light of this rebound, Solana has announced a game-changing mainnet beta upgrade. The improvement aims to fix network congestion issues, which have caused transaction processing times of multiple days or even weeks. The congestion has been caused by an influx of meme coins trading on its platform, which are attracted by the low fees. The upgrade has generated significant interest from investors looking to capitalize on Solana’s potential.
Upgrade Comes With Major Scaling Capabilities
The upgrade, dubbed v1.17.31, promises improved scalability and reduced congestion (with further enhancements planned for v1.18). Investors are pushing SOL demand and other Solana-based assets through the roof based on this upgrade announcement alone.
.@Solana MainnetBeta validators: the v1.17.31 release is now recommended for general use. This patch contains enhancements which will help alleviate some of the ongoing network congestion, and will be followed by further enhancements in v1.18.
Please upgrade when there’s less…
— Anza (@anza_xyz) April 15, 2024
The Solana upgrade should make way for meme coin developers who were previously sitting out due to long wait times caused by congestion within Solana networks, leading them back into action again. It could help drive up momentum in Solana, as seen in Solana’s price action today.
The best part is that the upgrade timing has been opportune. That’s because Bitcoin’s scheduled halving is coming in less than seven days and is expected to take cryptocurrencies to new highs.
Analysts Project $1000+ SOL Post Bitcoin Halving
Analysts bullish on Solana have given price targets above $1,000, citing technical developments and broader market factors among their reasoning. As the Bitcoin halving approaches, excitement around it is expected to push up prices further on top of what has played out today.
Overall, there is no doubt that Solana’s resilience and strategic upgrades have positioned it as one of the front runners during this current crypto awakening. With congestion addressed and a bullish atmosphere all around, SOL could set new highs. The upgrade opens up another phase for growth in the Solana ecosystem.
Solana Makes Strong Rebound Puts $175 Resistance In Focus
Solana has surged 6% in the past 24 hours, rebounding from a recent low of $116.45 on April 13. With bullish momentum rising across the market and the Solana upgrade announced today, Solana appears poised for further upside. The critical resistance level to monitor is $174.64; a breakout could propel Solana to $200 or higher, completing its recovery from last week’s correction.
Conversely, if buying volume drops, two scenarios may unfold. First, a consolidation phase could see Solana trading between $154.68 (minor resistance) and $137.28 (key support). Secondly, if bears dominate, focus shifts to maintaining the $137.28 support; a breach could trigger a retest of $116.46 lows. Traders should watch $154.68 and $137.28 when trading Solana today.
Solana Price Prediction – Why $200 Is A Key Target Today
With markets generally unpredictable, market analysts feel that bulls will prevail today. A positive context has been set by the broader market’s ability to bounce back from geopolitical tensions over the weekend and expectations for Bitcoin’s halving, which is around the corner.
In light of congestion problems experienced on its network, an announcement made by Solana about upgrading it heightens confidence even more. These factors indicate that Solana could breach today’s $174.64 resistance level, opening up for another potential jump toward $200. This is a make-or-break period for SOL holders who are now watching closely its price action around these critical events.
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