Solana (SOL) price is currently experiencing a mix of technical indicators and network activity trends, fueling discussion about its future direction.
With DEX trading on the rise and challenging technical setups, SOL faces a critical crossroads.
Solana’s challenges and operational capabilities
The emergence of new Solana-based meme coins as the preferred blockchain has led to increased network activity, but it has also had its downsides. There has been a surge in failed transactions in recent weeks, raising concerns among users and developers alike.
Despite DEX transactions peaking at 8.5 million on March 30, activity had declined to 5.6 million by April 4, indicating possible operational limitations and growing user frustration.
Additionally, Solana’s Average Directional Index (ADX) provides a clear price-to-price ratio. The current reading of 36 indicates a solid bearish trend.
The rise from 9 to 36 in a short period of time highlights the growing strength of the downtrend and could set the stage for further price declines.
Read more: 6 Best Platforms to Buy Solana (SOL) in 2024
SOL Price Prediction: Can we get back to $137?
Solana’s price is at a critical juncture. Recent technical patterns, including dead crosses, combined with declining DEX trading and strong ADX numbers are creating a bearish trend.
If the trend continues, SOL could see the $167 support level tested and potentially fall to $137, especially if operational issues persist and further shake investor confidence.
Read More: Solana (SOL) Price Prediction for 2024/2025/2030
However, if Solana effectively addresses these operational issues, the situation could potentially turn around. A successful resolution could pave the way for Solana price to challenge higher resistance levels. So we could potentially target $205 or even $210 as market sentiment improves.
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