Solana Price Rebounds 4% Monthly Amid Upgrades

Solana, the second-largest Layer 1 network by Total Value Locked (TVL), is poised for significant growth with two major upgrades scheduled for later this year. The Solana price has recently shown signs of recovery, rising to $153.79 and breaking a week-long losing streak, despite a broader market downturn. Over the past seven days, SOL has decreased by 13% and 5% over the past two weeks, but it remains up 4% for the month, suggesting a potential turnaround.

Analysts are increasingly bullish on Solana, citing several positive indicators. The 30-day average is nearing a drop below the 200-day average, which, while negative in the short term, signals an impending bottom. Additionally, the Relative Strength Index (RSI) is approaching 30, indicating that SOL is nearing an oversold position, which could attract buyers. The formation of an inverted head-and-shoulders pattern between March and May further supports the bullish outlook, suggesting that SOL reached a bottom in early April and is on an upward trajectory.

Solana's fundamentals remain strong, with the token still 47% below its all-time high of $293 set in January. The upcoming upgrades, including the new consensus mechanism Alpenglow and the new validator client Firedancer, are expected to enhance Solana's speed and efficiency, driving further adoption. These upgrades are anticipated to propel the Solana price to $200 by the end of June, $250 by the end of July, and $400 by the end of the year.

The second half of the year is expected to be particularly significant for Solana and its ecosystem. One notable development is Solaxy (SOLX), a new layer-two network for Solana that aims to provide lower fees, faster confirmation times, and improved user experience. SOLX has already raised $43.1 million in its presale, which is set to end in 14 days. The network will enable instant bridging between itself and Solana and will launch its own decentralized exchange (DEX) soon after its mainnet goes live, positioning it as a key hub for DeFi and meme tokens.

With these developments and the strong fundamentals of the Solana network, analysts are optimistic about the token's future performance. The upcoming upgrades and the launch of new projects within the Solana ecosystem are expected to drive significant growth and adoption, making it a promising investment opportunity.