Bittime - Solana: A major player in the blockchain space is stepping up. The platform is aiming for a $1 trillion market cap and is positioning itself as the top choice of retail investors, potentially surpassing Ethereum. Its user-friendly features and retail focus, especially with the proliferation of meme coins, further increase its appeal. However, the Solana network faces significant challenges in the form of congestion and performance issues that impact transaction reliability and efficiency.
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Solana Price Keeps Rising
Solana price managed to surpass $200 despite these hurdles. How do these fundamentals affect its price?
Solana Network Crashes
Despite being marketed as a cost-effective and high-speed alternative to Ethereum, recent on-chain data reveals severe network congestion. The average ping time between nodes reaches 20-40 seconds.
Coupled with substantial data loss rates of 30-50%, there are now transaction delays and failure rates of up to 80%.
In contrast to the claimed capacity of 50,000 transactions per second (TPS), observers saw the network's actual throughput reach a maximum point of only 1,100 TPS under heavy load conditions. This discrepancy is due in part to the inclusion of voting transactions in the TPS calculation, which does not accurately represent throughput for other types of transactions.
A surge in investor interest, especially in DeFi and meme coins on Solana, is contributing to this problem.
High levels of spam and Miner Extractable Value (MEV) activity strain network capacity, exacerbating congestion problems. Network outages and concerns over network stability have hurt Solana in the past. Meanwhile, the current performance issue remains unresolved.
Also read Solana Network Disruption, What are the Causes and Impact?
Challenges and Potential of Solana
Solana's focus on retail investors and its growth potential underscores its position as an attractive investment opportunity. However, overcoming network congestion and stability issues will be crucial for Solana to become a dominant force in the blockchain world and reach a $1 trillion market capitalization.
Also Read How To Buy Crypto:
Solana (SOL) Price Analysis
According to ccn.com analysis, since September 2023, Solana price has started an uptrend from a significant low of $17, marking its third Elliott Wave cycle. This bull run peaked in December, leading to the anticipation of a corrective phase for price stabilization, especially around the critical support level of $80.
In January, a rise back from this support level started a new rally, breaking through a descending resistance line.
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Harga SOL Overbought
This breakout paved the way for what appears to be the start of the final fifth wave of the Elliott Wave series, with an immediate target of $200. The future beyond this target, whether Solana will continue its upward momentum or face a correction, remains unclear.
Although there are no signs of trouble, the price, according to the daily chart, is overbought, with the RSI above 88%. The current $205 level could become resistance, leading to a decline, or SOL could return to its all-time high of $260 before experiencing a correction.
Either way, SOL is in its final wave, so a significant correction is expected once it finishes.
How to Buy Solana (SOL) on Bittime
You can buy and sell Solana (SOL) in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Solana (SOL) is available on Bittime with the market pair SOL/IDR . To be able to buy SOL IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn Complete guide on how to buy Solana (SOL) on Bittime .
Monitor price chart movements for Solana (SOL), Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Read Also
Solana Blockchain Network Overwhelmed, Crashes and Security Threats
Solana (SOL) Future & Solana ETF Predictions
DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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