Solana Price Sees Potential for Upward Trend Ahead of Alpine Glow Upgrade
The Solana price is poised for a potential upward trend, driven by the upcoming Alpine Glow upgrade, growing adoption of the Solana blockchain, and strong on-chain growth indicators.
Summary of Key Developments
The Solana network is on the cusp of a significant upgrade, with the Alpine Glow proposal receiving over 99.6% support, paving the way for a 100-fold increase in transaction speed. This upgrade is expected to make Solana one of the fastest layer 1 blockchains, outpacing SUI and even surpassing the speed of standard Google search processes.
- The Sol price shows signs of a potential upward trend, with some indicators flashing bullish characters.
- The Alpine Glow upgrade has received the necessary votes to begin, with a Validator tuning window of only two days remaining.
- The USD1 Stablecoin, supported by the von Trump family, has been launched on the Solana market, improving liquidity for DeFi protocols and supporting long-term price growth.
Alpine Glow Upgrade: A Game-Changer for Solana
The Alpine Glow upgrade is viewed as the largest protocol upgrade in Solana’s history, reducing the finality time for Solana from 12.8 seconds to around 150 milliseconds. This represents a significant increase in transaction speed, making Solana an attractive option for users and developers. With the proposal receiving overwhelming support, the upgrade appears almost confirmed, paving the way for Solana’s most transformative leap to date.
Catalysts for SOL Price Growth
In addition to the Alpine Glow upgrade, there are several catalysts that could drive strong profits for SOL. The launch of the USD1 Stablecoin on Solana Blockchain is expected to improve liquidity for DeFi protocols, supporting long-term price growth. Furthermore, the strong growth in eternal trade volume, with a new monthly record of $43.88 billion in August, indicates a demand for investors that could help recharge profits.
Moreover, Solana has recorded strong growth in its DeFi ecosystem, with the total value (TVL) on the platform reaching an all-time high of $30.5 billion in August, significantly higher than the $23.9 billion seen at the beginning of the month. The market capitalization of stablecoins in the network has also increased by 8.3% in the past seven days, exceeding $12.8 billion.
Technical Analysis: SOL Price Forms Descending Triangle Pattern
In the daily chart, the SOL price has been trading within a descending triangle pattern over the past six weeks, typically considered a bearish pattern. However, the Super Trend indicator has flashed a green signal, marking a buy signal, while the MACD lines have turned upwards, crossing the MACD line over the signal line, indicating a strengthening bullish impulse.
SOL price formed a descending triangle pattern in the daily chart – September 1 | Source: crypto.news
If the SOL price manages to confirm a breakout above the upper trend line of the triangle pattern at $203.49 by the end of the current session, it could trigger a rally to $257, representing a 30% upside from current levels.
Conclusion
In conclusion, the Solana price is poised for a potential upward trend, driven by the upcoming Alpine Glow upgrade, growing adoption of the Solana blockchain, and strong on-chain growth indicators. With several catalysts supporting price growth, including the launch of the USD1 Stablecoin and strong growth in DeFi ecosystem, SOL price may be on the verge of a significant breakout. For more information, visit https://crypto.news/solana-price-targets-30-upside-ahead-of-alpenglow/
Disclosure: This article does not contain investment advice. The content and materials presented on this page only serve for educational purposes.
