Cryptocurrency Analysis

[IFX_Selena]

Can Solana (SOL) recover from a network restart and gain a new rate of $200?



Solana (SOL) is slowly trying to recover and start a slow upward movement, since last week it was possible to observe the collapse of the crypto coin due to the fact that the network was disconnected for about 10 hours. After this moment, the network was restarted, and the price slightly recovered.

Now Solana (SOL) is trading at a price of $138. The news about the network outage was really very resonant and brought confusion to the market, especially when you consider that Solana (SOL) is developing by leaps and bounds and attracts the eyes of investors.

After the power outage, very rapid sales began on the wave of panic. Solana (SOL) is considered attractive for investors, since its ecosystem supports Defi and NFT, it guarantees very fast transaction speeds, as well as much lower transaction fees when compared with other blockchains, especially the Ethereum network.

Solana (SOL) may receive significant support in the very near future. PrimeXBT, which is a key multi-currency trading platform, is ready to add Solana (SOL) as a tool for trading.

The company announced its full readiness to add cryptocurrency to the platform's listing due to significant demand from institutional investors.

The key level to watch out for is the level of $172. It takes a significant surge of pressure from buyers to raise Solana (SOL) from the level of $138 to the level of $172.

If there is a bullish mood now, then this level can be broken through during September, which will help the cryptocurrency to consolidate and go to the level of $200.

During August and September, Solano really turned out to be one of the most attractive pieces for the institutions. Its network was considered one of the most promising and competed even with the Ethereum network.

If now there is a recovery in the price of the cryptocurrency and increased demand from investors, then nothing can prevent the cryptocurrency from breaking the $200 milestone.





Vitaly Kolesnikov
Analytical expert of InstaForex
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