Solana (SOL) faced difficulties the past week after the network’s transaction failure rate reached over 75%. Since then, Solana’s core contributors have been working to find the congestion problems.
SOL’s price tumbled 7.8%, and users seemed worried about the network’s state. Despite this, some analysts predict a more optimistic performance for SOL soon.
Is Solana Poised For A Bounce?
According to crypto analyst Bluntz, Solana’s drop has reached its bottom. When the news of network congestion broke, the analyst predicted that SOL’s price would likely fall to $160 before seeing a bounce.
According to his chart, the performance was starting to show an ABC zig-zag pattern. At the time, the token was trading around the $184 price range, which meant that the C wave of $160 had yet to be confirmed.
The analyst remained open to the “possibility of a sideways correction.” Nonetheless, he considered it “would make no sense for sol/usd to sweep down lower below 16
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