Should you buy SOL? Solana price prediction rises as SOL Blockchain attracts wave of new users amid high ETH gas fees

Solana (SOL), a blockchain platform known for its scalability and low transaction fees, has recently gained significant attention as it attracts a wave of new users.

The surge in interest comes as Ethereum (ETH) gas fees remain high, prompting many users to explore alternative options.

The growing popularity of the Solana blockchain has led to speculation about the future price of its native cryptocurrency, SOL.

Investors are now considering whether it is a good time to buy SOL, as the price forecast shows signs of upside.

In this update, we will explore the reasons behind Solana’s rise in popularity, its potential advantages over Ethereum, and the factors that may affect the future price of SOL.

Solana (SOL) price bearish, adoption growth gives hope for recovery

Despite positive developments in the Solana network, the performance of its native cryptocurrency, Solana (SOL), has been weak, showing a persistent bearish bias.

This downward trend can be attributed to various macroeconomic factors, including uncertainty surrounding the US debt ceiling and discussions about global crypto regulations.

However, there is hope for a turnaround as the SOL blockchain attracts a significant influx of new users seeking an alternative to Ethereum’s high gas fees.

The increasing use of Solana’s network can potentially support the price of SOL and contribute to its recovery from the ongoing downturn.

The effect of high ETH gas fees on Solana (SOL) coin price and usage

As mentioned earlier, the increase in Ethereum gas fees has caused users to seek alternatives such as the Solana network for faster and more cost-effective transactions.

The growing popularity of the meme coin Pepecoin (PEPE) has contributed to the skyrocketing transaction costs on the Ethereum network.

The daily median gas price, which represents transaction fees, has reached a 12-month high of 87 gwei, prompting users to turn to Solana for efficiency and cost benefits.

Therefore, the change in user preferences and the increasing use of Solana could have a positive impact on the price of Solana (SOL) coins, helping them to recover from the current decline.

Potential Impact of Hong Kong’s Regulatory Framework on Solana (SOL) Coin Price

The regulatory landscape in Hong Kong has intensified competition between Ethereum alternatives, and Solana (SOL) is among the cryptocurrencies expected to be directly affected, along with Bitcoin (BTC) and Ethereum (ETH).

This development has the potential to positively affect the price of Solana.

Integration of AI with Solana Blockchain and its potential impact

Solana, a well-known blockchain network, has made a notable announcement regarding the integration of artificial intelligence (AI) through a ChatGPT plugin.

This groundbreaking move establishes Solana as the first Layer 1 blockchain to incorporate AI in such a way.

The plugin allows users to seamlessly interact with Solana data and protocols, facilitating activities such as buying NFTs, transferring tokens, and accessing transaction information.

These developments are expected to significantly improve the usability and understanding of the Solana network.

Furthermore, the Solana Foundation has launched an AI accelerator program aimed at university students and expanded funding for an AI-focused strategic grant program.

These endeavors seek to stimulate research and development of machine learning models that interact with Solana protocols securely and transparently.

The growing interest in artificial intelligence in the Solana network is a testament to its high-speed transactions, low fees and user-friendly environment.

As a result, the influence on the price of the Solana coin remains uncertain. Nevertheless, it is expected to generate more attention and promote the ongoing expansion of the Solana ecosystem.

Solana Price Prediction

Solana (SOL) is currently trading bearish, finding support at the $19.40 level.

Downtrend is confirmed by the formation of a descending candlestick pattern and a downtrend line around $20.15.

A close below this level could continue the downtrend.

Resistance is expected around $19.40, while support can be found at $18.75, with a potential target of $18.5157.

Monitoring the $19.40 level is crucial to determine the continuation of the bearish trend.

Top 15 Cryptocurrencies to Watch in 2023

Crypto news Industry Talk presents an exciting lineup of cryptocurrencies poised for a bright future in 2023.

These digital assets are carefully selected for their promising prospects, indicating significant potential for growth in both the short and long term.

With their unique features and innovative technologies, these cryptocurrencies are positioned to thrive and make significant strides in the coming years.

Get ready to explore the exciting possibilities ahead of these digital currencies.

^{Disclaimer: The Industry Talk section contains insights from crypto industry players and is not part of the editorial content of Cryptonews.com.}