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- Solana’s revenues failed to rise despite the decrease in network congestion
- Volatility decreased around SOL, suggesting that a breakout was not close.
the Solana [SOL] Blockchain technology took a hit on June 23, with its revenue hitting its lowest level in the past seven days. As of this writing, the project he won It was $626,900.
The value was an indication of Solana’s economic value. The drop in revenue occurred as a result of one Solana upgrade a few days ago.
On June 10th, AMBCrypto mentioned How the project asked auditors to upgrade to a new node.
The idea behind the development was to solve the congestion issues that have been plaguing blockchain technology for some time.
As a result, fees are no longer unusually high, and Solana appears to have maintained its high throughput of 2,000 to 3,000 transactions per second (TPS).
Source: Artemis
Success is not final for Solana
The evidence of this is evident in the number of successful people Transactions. According to the Dune website, the number of voting transactions reached 206.94 million. In contrast, non-voting transactions amounted to 37.57 million.
A non-voting transaction occurs when market participants transfer SOL between Solana accounts or smart contracts. A voting transaction is one given by validators on the blockchain.
Therefore, an increase means that most transactions Pulled through Compared to the period when about 75% of non-voting transactions failed.
Source: Dune
Moreover, this development can affect SOL price forecast. At press time, the price of the token was $133.71. While SOL attempted to jump to $140 on June 22, bears disrupted these efforts.
However, it may be difficult for the token to reach a higher price in the short term. This was due to annual fluctuations.
SOL to continue lateral movement
Volatility shows how quickly prices can move. If the volatility level is high, it means that the price can jump to a very high level within a short period.
However, low volatility means otherwise. For Solana, the 200-day annualized volatility was 77.80%. In the last 90 days, 66.30%.
But at press time, it had fallen to 39.60%, Dionne data showed. A decline in this metric indicates that SOL may hold Swinging In a narrow range in the coming days.
Source: Dune
If this condition remains the same, the value of the cryptocurrency could move between $130 and $140.
In addition, the Relative Strength Index (RSI) showed downward momentum. The Relative Strength Index uses the speed and volume of price changes to show… Paid Of cryptocurrency.
Readings above 70 indicate that the asset is overbought, while readings below 30 indicate that it is oversold. At the time of writing, the Relative Strength Index on the SOL/USD chart has fallen to 45.00.
is reading Solana [SOL] Price prediction 2024-2025
The downtrend of the indicator showed that the momentum was bearish.
Source: Santiment
Therefore, the SOL price could be expected to move lower in the short term. However, invalidation may occur if prices in the broader market begin to rise.
