Progressive Developments in Solana Network and SOL Price Rise

By: Eliza Bennet

As the Solana network grapples with mounting demand, stakeholders are deliberating pivotal changes to enhance its utility. Concurrently, Solana's NFT marketplace, Tensor, has outlined the blueprint for its governance token and gazing towards an NFT-centric future. The platform has announced the issuance of a token, $TNSR, the governance of which will fall under the purview of its token holders.

On the other hand, Solana crypto, SOL, is gaining bullish momentum and its price has crossed the $150 mark. Observations suggest positive indicators, and a foreseeable surge past the resistance of $162. In the offing, it might even touch $180. With the currency trading above $150 and the 100 simple moving average over the past 4 hours, the pair could likely continue its rally upon clearing resistance levels of $156 and $162.

Moreover, if SOL can't rally above the $162.50 resistance, it could initiate a downside correction. The first considerable support lies near the $142 level, beneath which the price could test the $138 mark and trend line.

Thus, with ongoing improvements in the network and increasing price trends, the Solana ecosystem seems to be on a growth trajectory.