Solana (SOL) is currently trading near $105, with traders closely monitoring a key support zone and an upcoming network upgrade. Grayscale reports that Solana has averaged over 1,400 transactions per second (TPS) year-to-date, significantly outperforming competitors like BNB Chain, which averaged fewer than 200 TPS. The network's transaction costs have remained low, averaging approximately $0.005 this year.
The upcoming Alpenglow upgrade, expected next week, is anticipated to reduce Solana’s transaction finality from roughly 13 seconds to 150 milliseconds. This upgrade could enhance the network’s performance, making it even more attractive for applications requiring rapid settlement. Grayscale also highlights Solana’s role in stablecoin payments, processing about 25% of all stablecoin transactions over the past three months.
From a technical perspective, crypto trader Don identifies the $80-$95 range as a crucial support zone for SOL. Don notes that SOL has stabilized above $100 without retesting the lower support zone. If SOL reclaims the descending trendline, Don sees potential upside targets at $166 and $378. However, a move below the $80-$95 support zone would invalidate the bullish structure.
As of the latest data, SOL is trading at $104.84 with a 24-hour trading volume of $2.66 billion. The token has seen a 1.29% decrease over 24 hours and a 4.41% decline over seven days. While Solana’s network performance metrics are strong, traders remain cautious about the token’s price movements.