Analysts are observing the signals on the Solana chart and predicting a strong recovery in the near future. The network’s transaction fees remain low, which attracts capital flows and users to Solana. Let’s examine the short-term price expectations of altcoin analysts Ekta Mourya and CryptoWarrior01.
According to analysts, Solana price could rise above $200
The Solana network’s 30-day transaction fees for December 2021 were $5.6 million as of December 27. This is lower than the Ethereum network’s transaction fees in April 2018. Analysts highlight the similarities between the Solana network and Ethereum in 2018, in its third year. Some viewers believe it is difficult to predict how transaction fees on the Solana network will evolve over time.
At current levels, investors have secured Solana with more than 75% of the total supply being invested. Over 393.2 million Solana tokens are now staked in the ecosystem to earn rewards. Solana price fell under selling pressure last week and posted losses. However, according to analyst Ekta Mourya, the Solana price trend is poised for a rally to $200. A surge in demand across exchanges could push Solana towards the 61.8% Fibonacci retracement after $190 and $203.
What can analysts expect from the altcoin SOL price?
“CryptoWarrior01”, whose analysis we shared as Somanews, believes that the Solana price can recover between $215 and $220. The analyst states that the volume has dried up and is on a steady decline; however, another trend reversal could push the price of the Ethereum killer even higher.