Solana on a Mission to Regain Investor Confidence Following Downtime

Updated:

Data from Solana (SOL)’s blockchain explorer shows that the transaction count on the network is fast approaching the 100 million milestones. At press time, total transactions on the network sit around 97.1 million, with the network processing an average of 3,000 transactions per second.

With such statistics, some analysts believe the cryptocurrency might have enough to shake off some skepticism trailing it and could lower the lingering FUD around the network’s recent downtime.

Meanwhile, Solana has reportedly gained the interest of the crypto community, with LunarCrush revealing a 13.8% increase in Solana’s social media engagements and a 2.31% increase in social media mentions over the past week.

In other news, Messari tweeted on Wednesday that Solana has successfully scaled over 2,000 nodes. This indicated that the SOL team had mustered extra effort to fix the issues with recurring downtimes.

Due to the reason that transaction fees, which are revenue for validators, were running low, running nodes on the network had become difficult. This is as validators have to figure out ways to monetize low-fee transactions.

One of Solana’s selling points is its notably low transaction fees. As such, getting over 2,000 nodes is no small feat for the network.

Key Solana Levels to Watch — September 9

SOL has staged an ambitious rebound over the last 48 hours, jumping by 18% from the $30.50 range base to the $36.00 resistance.

SOLUSD – 4-Hour Chart on FTX. Source: TradingView.

While it has yet to break the $36.00 mark, the recent rebound highlights strong bullish momentum in the market ahead of the highly-anticipated Merge upgrade.

As we head into the weekend, we could see the bullish momentum subside into a sideways pattern and possibly resume in the coming week. As such, a breach of the $36.00 mark might stall a bit.

Meanwhile, my resistance levels are $36.00, $38.00, and $40.00, and my support levels are $34.00, $32.00, and $30.50.

Total Market Capitalization: $1.04 trillion

Solana Market Capitalization: $12.4 billion

Solana Dominance: 1.19%

Market Rank: #9

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.