2024

Solana

April

Arthur

<p>The market fluctuation had heavily impacted Solana as the price declined significantly in a few days only. Even though the <a href="https://coingape.com/crypto-market-showing-recovery-signals-will-it-bounce-back/" rel="noopener noreferrer nofollow">crypto market</a> has not improved much, Solana recovered its prices within twenty-four hours, regaining its top 5 crypto positions. Now, the crypto is aiming for a monthly high surge.</p>
<p>In this blog, let us analyze the Solana price movements and what is coming next.</p>
<h2 id="solana-sol-price-analysis">Solana (SOL) Price Analysis</h2>
<p>Solana started to drift on the 12th of April as the price went from $164.41 to the low point of the week at $123.99 within just two days.</p>
<p>With this fall, SOL’s market cap suffered heavily, causing a change in positions on CoinmarketCap, which ranks cryptocurrencies based on <a href="https://coingape.com/glossary/market-capitalization/" rel="noopener noreferrer nofollow">market capitalization.&nbsp;</a></p>
<p><a href="https://coinmarketcap.com/currencies/solana/" rel="noopener noreferrer nofollow"><img decoding="async" src="https://coingape.com/wp-content/uploads/2024/04/image-28.png" alt="Solana Price Analysis" width="704" height="326"></a></p>
<p>Today, the token has finally moved positively and regained its position as the 5th top cryptocurrency. It has gained a market cap of $62,897,165,341 after a 3.83% surge. At the time of writing, the <a href="https://coingape.com/price/solana/" rel="noopener noreferrer nofollow">SOL price</a> has also lifted and is currently at $140.75, trying to make a more acceptable recovery. However, this is not the best spot for Solana, as earlier, the Solana price rose to $155.48 before declining in value.</p>
<p>Solana dominated the crypto market last month with its continuously soaring price and increased demand in the market, especially in the <a href="https://coingape.com/top-solana-memecoins/" rel="noopener noreferrer nofollow">meme coins</a> community. But with the start of April, a downward trend brought down the prices by 30%.</p>
<h3 id="solana-price-future-outlook">Solana Price Future Outlook</h3>
<p>Solana’s downward trend is about to end, as the charts have indicated potential bullish factors that can turn around the whole aesthetic of the altcoin.</p>
<p>Arthur Hayes, a crypto expert, has announced the end of the downturn and hinted at the bullish push for Solana.</p>
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <p lang="en" dir="ltr">That was the dip. Now we rip.</p>
 <p>What are we buying on the rebound fam? <a href="https://t.co/4NKPytU5d4" rel="noopener noreferrer nofollow">pic.twitter.com/4NKPytU5d4</a></p>
 <p>— Arthur Hayes (@CryptoHayes) <a href="https://twitter.com/CryptoHayes/status/1779641258350362837?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">April 14, 2024</a></p>
</blockquote>
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
<p>Similarly, crypto influencers like Austin Arnold and James have predicted SOL to estimate $360. They also mentioned that SOL will succeed in capturing more than 3% of the total market cap.</p>
<p>The Solana technical analysis has also indicated a <a href="https://coingape.com/glossary/rounding-bottom-pattern/" rel="noopener noreferrer nofollow">rounding bottom pattern</a> in the Solana price, which will eventually turn into a bullish reversal. It has happened because of the increased buying interest for this altcoin, under whose influence the bull run might start for the cryptocurrency in the next few days.</p>
<p>Also read: <a href="https://coingape.com/trending/5-crypto-crime-trends-you-should-be-aware-of-in-2024/" rel="noopener noreferrer nofollow">5 Crypto Crime Trends You Should Be Aware of in 2024</a></p>
<p>As of now, the Solana is approaching the resistance level of around $151.76. If the trend continues, the Solana price might recover to $170. But if Solana fails to surpass this resistance support, the price may decline even lower before finding support around $130.</p>
<h4>Solana’s New Updates Might Lead The Bullish Rally</h4>
<p>The potential surge also comes true as the network has started to roll out <a href="https://coingape.com/solana-releases-mainnet-update-to-fix-congestion-price-oi-jumps/" rel="noopener noreferrer nofollow">updates</a> and congestion fixes to improve the network’s performance. Just recently, Solana introduced the <a href="https://coingape.com/solana-network-congestion-anza-deploys-crucial-upgrade/" rel="noopener noreferrer nofollow">Anza</a>, the first update to solve almost all the <a href="https://coingape.com/solana-exec-reveals-actual-reason-behind-recent-outage/" rel="noopener noreferrer nofollow">congestion issues</a> and help with network stability.</p>
<p>Also Read: <a href="https://coingape.com/trending/top-reasons-why-ai-cryptocurrencies-will-dominate-the-market-next/" rel="noopener noreferrer nofollow">Top Reasons Why AI Cryptocurrencies Will Dominate The Market Next</a></p>
<p>Anza is part of a much larger strategy to deal with the network issues. It emphasizes the Agave Validator client update, which introduced the preliminary fixes.&nbsp;However, Anza is not the satisfactory solution to completely solve this congestion issue. The maximum improvement might happen in the <a href="https://spl.solana.com/token-2022/status" rel="noopener noreferrer nofollow">V1. 18 update.&nbsp;</a></p>
<h2 id="conclusion">Conclusion</h2>
<p>Solana has built this ‘top-performing crypto’ image in the market and the recovery did not take long as the buying interest has increased in the last day. The rounding bottom pattern has indicated a possible bull run for the token.</p>
<p><a href="https://coingape.com/halving/bitcoin-halving/" rel="noopener noreferrer nofollow">Bitcoin halving</a> will also play a significant role in pushing the Solana price. The analysts believed that the halving event would help SOL to cross the all-time high target, which has been stuck there for almost two and half years.</p>
<p>Read More <a href="https://coingape.com/blog/bitcoin-price-forecast-post-halving-bullish-or-bearish/" rel="noopener noreferrer nofollow">Bitcoin Price Forecast Post Halving: Bullish or Bearish?</a></p>
<p>The post <a href="https://coingape.com/trending/solana-wins-the-bear-war-enters-in-top-5-cryptocurrencies-whats-next/" rel="noopener noreferrer nofollow">Solana Wins The Bear War, Enters In Top 5 Cryptocurrencies: What’s Next?</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.</p>

Solana Wins The Bear War, Enters In Top 5 Cryptocurrencies: What’s Next?

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