Solana has been a top-performing cryptocurrency recently, despite a retracement from its 2024 highs. Traders are optimistic about reaching new all-time highs above $260. However, immediate concerns loom.
The coin is currently moving sideways, indicating accumulation. On lower time frames, there's a head and shoulders formation, signaling potential weakness. Absent bullish action, SOL could drop below $142, targeting around $120.
Challenges include a security flaw and a high transaction failure rate. Analysts question Solana's decentralization, given a recent 'quiet' fix by developers. Approximately 65% of all transactions reportedly fail, undermining key selling points.
