As the network continues to evolve, Solana transaction fees for December 2021 have reached a lower value than Ethereum in April 2018. 393 million Solana are currently staked, over 75% of the popular altcoin’s supply. Solana, touted as the Ethereum killer, collapsed last week under selling pressure. Analysts believe Solana is preparing for a price rally.
Will Solana Price Rise?
Expert analysts observed the signals on the Solana price chart and concluded that a bearish recovery is coming soon. The low transaction fees of the network attracts capital flow and users to Solana. Solana price is targeting $200 again.
The Solana network’s 30-day transaction fees for this month were $5.6 million as of December 27. This amount represents less than the transaction fees of the Ethereum network in April 2018. Experts have drawn similarities between Solana and Ethereum. It was stated that it is difficult to predict how transaction fees on the Solana network will evolve over time. Low fees are part of a great user acquisition strategy for the Ethereum killer altcoin.
Investors have secured Solana with over 75% of the total supply. Over 393 million Solana have been staked in its ecosystem to earn rewards. Solana price posted losses last week as it succumbed to selling pressure. However, analysts evaluated the SOL price trend and predicted that the $200 flag could be retraced.
Solana Price Prospects
The increase in demand on the exchanges could push Solana to a price action from $190 to $203. A popular cryptocurrency analyst, Crypto Warrior, stated that the SOL price could rise to a price band between $215 and $220.
The analyst noted that the volume has dried up and is on a steady decline. However, it was stated that with the reversal of the trend, the Ethereum killer could be priced in. On the other hand, some analysts suggested that Solana price is targeting $330 as it recovers.