Experts believe Solana price is on the cusp of a massive explosion to $200 – FXStreet

Science & Technology

Ekta Mourya Ekta Mourya
FXStreet

Analysts observe top signals in the Solana price chart and predict a recent drop recovery. The network’s transaction fees remain low, attracting capital inflow and users to Solana. 
Solana network’s 30-day transaction fees for December 2021 was $5.6 million as of December 27. This is lower than the Ethereum network’s transaction fees in April 2018. Proponents have drawn similarities between the Solana network and Ethereum in its third year, 2018. 
Proponents believe that it is hard to predict how transaction fees on the Solana network will evolve over time. Low fees is a great user acquisition strategy for the Ethereum-killer altcoin. 
With over 75% of the total supply staked, investors have secured Solana. Over 393.2 million Solana tokens are now staked across the ecosystem for earning rewards. 
Solana price crumbled under selling pressure last week, posting losses. However, analysts have evaluated the Solana price trend and predicted a rally to $200. A spike in demand across exchanges could push Solana towards the 61.8% Fibonacci retracement at $190 and onwards to $203. 
@CryptoWarrior01, a pseudonymous crypto analyst, believes that Solana price could reclaim $215 to $220. The analyst notes that volume has dried up, and there is a steady decline; however, another trend reversal could push the Ethereum-killer’s price higher. 
Eyeing potential rejection set up for $SOL

I'll be bull with a reclaim of $215-$220. Otherwise, watch for $150 minimum retest

Volume has dried up. OBV and MACD also show steady declines.

Come trade your SOL with me here https://t.co/vyCxNDfacc pic.twitter.com/eeTGGaNdna
FXStreet analysts have predicted that Solana price is primed to recover and target $330.
 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
AVAX price is currently forming a bullish chart pattern that could set a new record high for Avalanche at $174. The token must overcome a series of challenges ahead, including the toughest hurdle at $123, in order for the optimistic outlook to be validated. 
XRP price could be vulnerable to decline further as Ripple fails to find buyers in the market. The cross-border remittance token’s trading volume has diminished and may continue to slide lower to discover reliable support. 
Terra’s LUNA retracement is still in the works, further downside pressure likely – but limited. A test of $75 as support would provide structure for a move towards new all-time highs. Downside risks remain as LUNA is extended on its weekly chart.
Cardano price has suffered some intense selling pressure along with the rest of the market. However, the losses that Cardano has experienced have not been as extreme as many others. Entry opportunity could yield a 40% gain.
Bitcoin had one of its less volatile years in 2021, with a 138% variation between the highest and lowest price point. Still, the year saw its fair share of whipsaws as BTC’s price action provided more entry and exit levels for investors to profit. 
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer.
Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.
Opinions expressed at FXStreet are those of the individual authors and do not necessarily represent the opinion of FXStreet or its management. FXStreet has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and Omissions may occur.Any opinions, news, research, analyses, prices or other information contained on this website, by FXStreet, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXStreet will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.

source