- Crypto analyst Crypto Banter assesses Solana’s price and potential.
- Banter is cautiously optimistic about Solana’s long-term prospects despite short-term risks.
- Technical analysis reveals downside levels, with support at $11 and key levels at $20 and $16.
Crypto analyst Crypto Banter recently examined the state of SOL’s price action and fundamentals in a video analysis. Banter remains cautiously optimistic about Solana’s long-term prospects despite significant near-term risks.
On the technical front, Banter outlined potential downside levels if bearish momentum continues. Support sits around $11, with key levels to watch at $20 and $16; closing decisively below $20 could accelerate declines.
Upside resistance sits around $26 based on recent trading ranges. Banter is looking to buy around $16 if weakness materializes, and more aggressively at $11.
Fundamentally, Banter still sees value in Solana as a unique scaling solution compared with Ethereum. The network promises high throughput and fast finality for payments, touting partnerships with Visa and Shopify.
Solana also retains a robust developer ecosystem, which is positive for its future outlook. However, the critics aren’t quiet; Solana suffers from negative sentiment in the crypto community. Recent network outages and reliability issues have plagued Solana, damaging confidence. Its DeFi ecosystem lacks maturity compared to competitors. Yet its community remains passionate.
For traders, Banter suggests using on-chain data tools like Kyber AI to optimize entries and gauge real-time trend momentum. In summary, Solana’s technical weakness is likely to continue in the near term, but significant declines could offer long-term buying opportunities. However, risks around network instability persist; buyers should take these into account when deciding to invest in SOL.
Earlier this week, Visa announced a collaboration with the Solana blockchain to enhance its stablecoin settlement capabilities. As part of this partnership, a pilot program has been initiated to facilitate Visa’s ability to transmit USDC to its payment partners using the Solana blockchain. This collaboration aims to improve the speed and efficiency of payment solutions offered by Visa to its customers.