Ethereum

Seamless

Solana

2024

Vortex

Solana Price Prediction: <a href="https://coingape.com/solana-and-filecoin-forge-partnership-to-boost-decentralized-storage-solutions/" rel="noopener noreferrer nofollow">SOL</a>, 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: <a href="https://coingape.com/markets/solana-price-prediction-sol-could-rally-to-120-if-bulls-clear-key-barrier/" rel="noopener noreferrer nofollow">Solana Price Prediction: SOL Could Rally To $120 If Bulls Clear Key Barrier</a>
<h2 id="b-sol-s-price-surge-mirrors-a-sharp-rise-in-transaction-fees-b">SOL’s Price Surge Mirrors a Sharp Rise in Transaction Fees</h2>
<figure style="width: 100%" class="wp-caption alignnone"><img decoding="async" src="https://s3.tradingview.com/snapshots/m/mNxYFSLa.png" alt="BINANCE:SOLUSDT Chart " width="1946" height="937">
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 Solana Price Prediction| Tradingview
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The <a href="https://coingape.com/price/solana/" rel="noopener noreferrer nofollow">Solana price</a> 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.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 Not so small anymore <a href="https://t.co/HKYZkihwSf" rel="noopener noreferrer nofollow">https://t.co/HKYZkihwSf</a> <a href="https://t.co/FrrefKgFNM" rel="noopener noreferrer nofollow">pic.twitter.com/FrrefKgFNM</a>
 — Toghrul Maharramov <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f1fa-1f1e6.png" alt="🇺🇦" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@toghrulmaharram) <a href="https://twitter.com/toghrulmaharram/status/1761303602994229635?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">February 24, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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: <a href="https://coingape.com/farcaster-enables-seamless-solana-address-verification-on-decentralized-protocol/" rel="noopener noreferrer nofollow">Farcaster Enables Seamless Solana Address Verification on Decentralized Protocol</a>
<h2 id="b-technical-indicator-b">Technical Indicator</h2>
<ul>
 <li aria-level="1">Exponential Moving Average: Amid the latest retracement, the 50-day <a href="https://coingape.com/education/exponential-moving-average-how-to-leverage-it-in-crypto-market/" rel="noopener noreferrer nofollow">EMA</a> slope provides strong pullback support for SOL traders.</li>
 <li aria-level="1">Vortex Indicator: A bearish crossover between the V+(blue) and VI- slope reflects the current correction is waning the recovery trend in this altcoin.</li>
</ul>
The post <a href="https://coingape.com/markets/solana-price-prediction-as-retracement-to-10-rebound/" rel="noopener noreferrer nofollow">Solana Price Prediction as Healthy Retracement to $100 Hints Potential Rebound</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Solana Price Prediction as Healthy Retracement to $100 Hints Potential Rebound

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