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Solana has recently captured significant attention, surging 10% to $208 after Coinbase swiftly resolved transaction delays.
This resilience amidst technical issues highlights Solana’s robust performance and amplifies the optimism surrounding Solana’s price predictions. As investors and enthusiasts keenly observe these developments, Solana’s ability to overcome operational challenges and maintain upward momentum sets a promising outlook for its future valuation.
Coinbase Overcomes Transaction Hiccups
Most of the uptrend for Solana followed a quick fix for transaction delays on Coinbase, a major U.S. crypto exchange. Coinbase users had issues with Solana transactions on March 17, with send operations delayed from 12:09 PDT. While Ethereum transactions faced similar problems, Coinbase addressed these concerns promptly. Users were reassured about the security of their funds during these incidents.
Despite these operational hiccups, Solana demonstrated impressive resilience and growth. In terms of 24-hour transaction volume, it outperformed Ethereum and EVM-compatible Layer-2 solutions. Solana’s transaction volume skyrocketed to $3.654 billion daily, exceeding Ethereum’s $2.397 billion.
Search Interest Peaks as Solana Surges
Solana’s soaring popularity has reached an unprecedented level. This week, Google Trends revealed a search interest score of 100, marking the apex of global fascination with Solana over the last five years.
The surge eclipses the prior record set in late December 2023, underscoring the escalating public engagement and potential surge in retail investor activity towards this Layer-1 blockchain network.
Solana worldwide Google search hits an all time high 💸 pic.twitter.com/liat2fG5GS
— Crypto Banter (@crypto_banter) March 18, 2024
Reflecting this heightened interest, Solana’s on-chain metrics have observed remarkable growth. The network’s on-chain transaction volume recently achieved a new record, exceeding $3.79 billion on March 15.
As of March 18, data from DefiLlama indicates that the 24-hour transaction volume hovered around $3 billion. Concurrently, the network is witnessing an exponential increase in user adoption, with a record-setting creation of nearly 870,000 new addresses in a single day on March 16.
This collective data highlights Solana’s growing traction and signals a robust and expanding ecosystem, potentially attracting more participants to its platform.
Solana Battles Network Congestion Amid Surge in Crypto Activity
Solana’s rise in the crypto world has hit a snag with network congestion, causing many transactions to fail or go missing. Users have voiced concerns over the network’s performance, especially during peak times.
Notably, on March 16 at 8 pm UTC, Solana experienced delays of 20 to 40 seconds, leading to a 50% transaction failure rate over 20 minutes, as reported by a user named “Dagnum.” This issue was primarily due to the platform’s increasing popularity of new meme coins.
- Network Delays: Solana faced delays of 20 to 40 seconds, impacting transactions.
- Transaction Failure: Approximately 50% failure rate observed during peak congestion.
- Meme Coin Popularity: Surge in activity tied to new meme-based cryptocurrencies.
Despite these challenges, optimism for Solana’s future remains, driven by a booming DeFi ecosystem and a significant increase in decentralized exchange volumes. Solana’s appeal as a fast, affordable blockchain alternative continues to attract interest, suggesting potential for future growth.
Solana Price Prediction
Today, Solana (SOL/USD) exhibits a strong market performance, with its price hitting $208.10 alongside a considerable 24-hour trading volume of $10.75 billion. Positioned fourth on CoinMarketCap, Solana’s market capitalization is $92.38 billion, supported by a circulating supply of approximately 443.89 million SOL coins.
SOL’s outlook remains bullish on the technical front, with a pivot point established at $198.43. Resistance levels are mapped out at $214.81, $227.15, and $241.30, marking the thresholds for potential price escalations. Conversely, support levels are established at $181.17, $165.59, and $149.35, delineating areas where price stabilization is likely.
The Relative Strength Index (RSI) reading at 71 suggests an overbought market condition, albeit within a context that still favors buying pressure.
The 50-day Exponential Moving Average (EMA) at $173.42 further corroborates the bullish sentiment, indicating a strong undercurrent for Solana’s price. Despite potential volatility, as indicated by the upward channel support near $198.45, Solana maintains a promising trajectory. A breach below this support could pivot the market towards a sell-off, yet the probability of continuing the bullish trend remains substantial.
In summary, Solana exhibits a bullish trend above the $200 mark. The convergence of technical indicators like RSI and EMA with key price levels suggests a market poised for continued growth, albeit mindful of the risks associated with possible downturns below critical support points.
