Solana Predictions 2024: Will SOL Experience a Revival or a Deeper Fall?
2024-08-30Bittime - Solana Predictions 2024 became a hot topic of discussion, especially after the Solana network experienced a significant decline in activity in 2024.
Entering August, the layer-1 (L1) network recorded record lows in terms of the number of transactions and active addresses, indicating serious challenges for the Solana ecosystem. The question is, can Solana bounce back or will it face a bleak future?
Challenges and Decline in Solana Network Activity
In 2024, Solana will experience a sharp decline in network usage. By August, the number of unique addresses involved in transactions on the network had dropped drastically by 67%, from 54.33 million active users in July to just 18.09 million. The number of first signers also experienced a significant decline, reaching 66% from its highest peak.
This decrease in activity not only affects the number of transactions on the network, but also has a direct impact on the revenue and fees generated from activity on Solana.
Data shows that network revenues and costs have fallen by more than 50% in the past month. This shows that Solana is facing a big challenge in maintaining its relevance and appeal amidst fierce competition in the crypto world.
Solana Price Prediction in 2024
Currently, the price of Solana (SOL) is around US$145.58, with movements tending to be flat since mid-August. This balance is reflected in the Relative Strength Index (RSI) which is also flat, indicating that the market is in a consolidation phase.
If SOL is able to penetrate the resistance line at US$152.12, there is the potential for the price to soar to US$160.09. However, if selling pressure increases, SOL could slip below the support at US$137.65 and fall to US$133.64.
This prediction shows that Solana is in a quite precarious position, where the price of SOL could rise or fall depending on how the market reacts to the existing pressure. Analysts predict that market conditions and reactions from the Solana community will largely determine the direction of SOL price movements in 2024.
Solana Predictions 2024 presents major challenges for investors and users of these networks. With a significant decline in activity and uncertainty in the market, Solana needs to take strategic steps to restore trust and attract users back to its network.
Will SOL be able to overcome this challenge and return to its former glory, or will it sink even deeper? Time will tell.
With ever-changing market dynamics, it is important for investors to continue to monitor Solana developments and consider the risks involved before making investment decisions. Solana still has great potential, but the challenges it faces in 2024 could be the determining factor in its future in the crypto world.
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