Summary
TLDR: Solana (SOL) price is being closely analyzed due to technical indicators and network activity trends. Challenges include a spike in failed transactions and a bearish trend indicated by the ADX. Price could drop to $137 if trends continue, but could rise to $205 or $210 if operational issues are addressed.
Key Points
1. Solana (SOL) price is currently under the microscope, with a mix of technical indicators and network activity trends fueling discussions about its future direction.
2. Amidst an increase in DEX trades and a challenging technical setup, SOL finds itself at a critical crossroads.
3. Challenges and Operational Capacity on Solana: The ascent as a favored blockchain for new Solana-based meme coins brought with it an uptick in network activity, but not without its drawbacks. Recent weeks saw a spike in failed transactions, a concern for users and developers alike. Despite reaching a peak of 8.5 million DEX transactions on March 30, activity has since tapered off to 5.6 million by April 4, indicating possible operational limits and growing user frustration.