Solana price could recover under this condition

Solana price is on track to recover from the market correction as demand for the altcoin increases. Analysts are bullish on Solana, identifying a range of targets for the Ethereum-killer. 

Solana could hit its target in the ongoing uptrend

The Ethereum-killer has witnessed a rising demand across exchanges. Solana is on track to make a recovery as more investors request Nansen for SOL transactions. The recent price drop in Solana is considered a healthy correction by analysts who argue that the altcoin is preparing for a recovery. 

Nansen, a crypto data dashboard, has added support for Solana transactions on its platform. The addition of Solana on Nansen could increase the activity on the altcoin’s blockchain in terms of trade volume and total active users. 

Nansen believes the integration would help them identify emerging trends in the NFT and DeFi space. On the first day itself, 1.31 million unique visitors checked out the Solana overview page, and 32% of executions among DEXes were by Serum. 

Despite the recent market correction, Solana’s swift recovery has fueled a bullish outlook among investors. Previously, after posting double-digit losses, Solana price has recovered promptly, wiping out losses of SOL holders. 

FXStreet analysts evaluated the Solana price trend and identified a range of movements in the Solana price chart, followed by every upswing over the past few weeks. Solana price broke past the range high at $122, and the price has posted a nearly 17% drop over the past 14 days. 

Analysts observed a bounce in Solana price around the $101 retracement level, and analysts are optimistic about a rally.