Solana (SOL) is regaining its positive momentum and showing applaudable retaliation after a significant sell-off during the first week of September. According to Solana’s blockchain explorer, the network has crossed a total of 96.62 million transactions, and it is currently executing over 3000 transactions per second.
This is a piece of impactful news from Solana to initiate a new rally; however, Solana can change its mood anytime and start a downtrend.
What Is In The Pipeline For Solana?
Solana’s unexpected fight back from a massive sell-off has gained the trust of investors and non-atheists. The network has also gained the attention of the crypto community this week as LunarCrush’s graph indicates a spike of 13.8% in Solana’s social media engagements and an increase of 2.31%in Solana’s social mentions in the past seven days.
Solana has continued to outperform amid the crypto winter as Messari confirmed that Solana has managed to scale over 2000 nodes. The reason behind this is the continuous effort of the Solana team that worked hard to fix the network’s issues with downtime.
Goatswap recently launched Solana’s first Automated Market Maker (AMM) which will offer users to develop pools to automatically buy, sell, or trade NFTs. As the transaction fees on the Solana network are relatively low, it causes difficulty in running nodes.
According to CoinMarketCap, Solana is currently trading at $35, a spike of 9% from yesterday. Solana is presently preparing for a bullish rally as Sonana investors have been building buying pressure since 7 September. A strong bullish candle was formed at the support level of $31, and Solana now aims for an upward movement to the next resistance level of $40.
Solana’s low transaction fees attract the NFT market, and investors are always looking for an entry point to make profits. Despite a lot of enhancements in the Solana network, the price graph has not shown traders much promise. However, the technical indicators signal a bullish momentum waiting for Solana next. Buyers have shown dominance as the Solana price crossed the 21 periods EMA and 9 periods EMA upside. The later period crossed the former upside, confirming a bullish trend. The relative strength index (RSI) 14 currently sits at 53 levels, indicating a bullish trend too.
Solana can turn out to be profitable in the short term. Investors and traders are advised to be cautious while investing in Solana, as the market can change its path at any time.