Solana's Price Rebound May Be Short-Lived Amid Ongoing Challenges
Solana's price has rebounded after a sharp decline, but its durability is still uncertain.
The network recently underwent a major upgrade on September 16, which increased the maximum transaction size more than threefold, from 1,232 to 4,096 bytes. This update enables the network to handle complex operations such as multi-step transactions and enterprise multisig transactions.
However, despite this positive development, external factors remain challenging for Solana's price action. The Federal Reserve raised interest rates by 25 basis points to 3.75-4.00% on September 16, citing elevated inflation and ongoing geopolitical uncertainty.
As a result, the bearish scenario remains relevant, with $97.50 serving as a key level for the downside setup. If selling pressure resumes, the price could target the $93.50-$92 area.