Solana

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<p>Following a temporary setback, the <a href="https://coingape.com/price/solana/" target="_blank" rel="noopener">Solana (SOL) price</a> is resuming its upward momentum, aiming to surpass the critical resistance level of $140. Currently, SOL is trading 7% higher at $138, boasting a market capitalization of $61.4 billion. Notably, despite congestion challenges on the Solana network due to increased trading activity, SOL remains resilient in its ascent</p> 
<h3 id="solana-network-congestion-issues">Solana Network Congestion Issues</h3> 
<p>Recent <a rel="nofollow" href="https://defillama.com/dexs" target="_blank">data</a> from DeFiLlama indicates a remarkable surge in Decentralized Exchange (DEX) trading volume on the Solana network from March 3 to March 6. For four consecutive days, trading volume has surpassed $2 billion, with a record-breaking $2.85 billion in trading volume recorded on March 5 alone, marking a new single-day high.</p> 
<p>This surge in trading activity coincides with increased on-chain transactions, potentially contributing to the current congestion experienced on the Solana network. The heightened activity also underscores growing interest and engagement within the Solana ecosystem.</p> 
<p>As a result of this, crypto exchange <a href="https://coingape.com/breaking-binance-suspends-solana-withdrawal-temporarily-heres-why/" target="_blank" rel="noopener">Binance</a> also announced its decision to suspend Solana withdrawals temporarily on Wednesday, March 6.</p> 
<h3 id="sol-price-action">SOL Price Action</h3> 
<p>Examining SOL’s price chart reveals a compelling narrative. The cryptocurrency has displayed a strong uptrend, characterized by consistent higher lows and higher highs, a bullish signal in market technical analysis. Furthermore, the alignment of moving averages indicates sustained buying interest, with shorter-term averages surpassing longer-term ones—a configuration typically associated with ongoing bullish sentiment.</p> 
<p>Currently positioned around the $135 level, SOL encounters immediate resistance, the breach of which could spark a new rally. Conversely, support levels are identified near $115 and $104, historically acting as springboards for price rebounds. Importantly, recent upward price movements have been accompanied by significant trading volume, indicating active market participation and reinforcing a positive outlook.</p> 
<p>As the broader market experiences a shift, the potential for Solana’s upward momentum becomes increasingly promising. Investors are turning to alternatives to Ethereum’s high gas fees and network congestion, and Solana’s scalability and cost-effectiveness make it an attractive option for both developers and investors alike. This favorable positioning could contribute to further price increases for Solana in the near future.</p> 
<p>The post <a href="https://coingape.com/solana-sol-price-bounces-back-to-140-despite-network-congestion-issues/">Solana (SOL) Price Jumps Back to $140 Despite Network Congestion Issues</a> appeared first on <a href="https://coingape.com">CoinGape</a>.</p>

Solana (SOL) Price Jumps Back to $140 Despite Network Congestion Issues

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