Experts believe Solana price is on the cusp of a massive explosion to $200
- Solana transaction fees for December 2021 are less than Ethereum’s from April 2018, as the network continues to evolve.
- 393.2 million Solana tokens, over 75% of the altcoin’s supply, are staked.
- The Ethereum-killer crumbled under selling pressure over the past week; analysts believe Solana is ready for a price rally.
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 price could make a comeback above $200
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
— RNB (Crypto Warrior) (@CryptoWarrior01) December 27, 2021
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.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
