Today we will examine Solana, which is expected to increase with you.
Solana Price Analysis
Popular altcoin Solana, which is among the crypto assets most affected by the FTX crisis, rose from $ 9 to $ 26 in a 20-day period with the beginning of January. In the past two months, the entity that created the simple structure of a range-based move has gone through a sawing move. The accumulation phase was limited between $26.8 and $20, showing this range to be the key hurdle. It is posting a V-shaped drop from $26.8 to the range levels of $26.8 to $20. The V-shaped drop usually indicates an aggressive decline as SOL price also dropped 24 percent to revisit the $20 support level. However, despite the aggressive V-shaped drop, this drop points to a steady decline in volume activity, which shows that the sellers’ hand is weak.
This low volume pullback indicates that the probability of SOL to bounce off the $20 support is extremely high. Short-term traders can capitalize on this short rally up to $26, the overhead resistance level that marks a 28 percent rise. However, it should be kept in mind that the fate of Solana’s price action in the near future depends on the breaking of the said range.
Therefore, a bullish breakout from the $26 resistance can be expected to trigger a continuation of an uptrend that could push SOL price to follow the $30.5, $34.6 and $39 resistances. In the opposite scenario, a daily candle close below $20 may encourage sellers to lower the SOL price to $15.
Will Network Outages Continue?
However, Solana’s co-founder Anatoly Yakovenko recently announced his new plans.
Solana, who has not been on the agenda because of the interruptions she has experienced on the network, has experienced many interruptions in the last year. Yakovenko announced his new plans, noting that it is difficult to maintain stability during major updates. Yakovenko said in a statement that Solana Labs will make improvements to the software upgrade process for network reliability and uptime. Stating that a fast, scalable and reliable network is among the top priorities, Yakovenko said the problems with last week’s 1.14 network update, which focused on speed and scale improvements, made it clear how difficult it is to maintain stability during these major updates.
Working hard to make the Solana network more stable, the engineers plan to work with additional external developers and auditors to detect vulnerabilities after the problems experienced in the latest update.
Additionally, some of Solana’s engineers will continue to push the network by forming a rival team. In this context, engineers will strive to streamline the network development process with a 6-stage plan. In addition, Jump Crypto’s firedancer team and Mango DAO developers will act as an external team as a second validator.
