Solana Price Breaks Above Resistance Level as Transaction V1 Upgrade Boosts Capacity
Solana's price has been stuck below the $103-$105 zone for some time now, where sellers have repeatedly stepped in to block rebounds. According to analyst CryptoJack, Solana is approaching a key resistance level, and if it breaks above it, we could see the start of a strong bullish run.
The 4-hour chart shows SOL compressing inside a symmetrical triangle between $100 and $103. The upper trendline is near $103, while rising support is approaching the $100-$100.70 area. A confirmed breakout has not yet happened.
A new Transaction V1 format went live on Solana's mainnet on September 15, tripling the maximum transaction size from 1,232 to 4,096 bytes. This upgrade gives developers room for more complex operations and could potentially increase adoption and usage of the network.