Solana Price Forecast: SOL Stabilizes as Key Consensus Proposal ’Alpenglow’ Nears Approval
Solana's native token SOL finds its footing as the network's latest upgrade gains momentum.
The Alpenglow Proposal: What You Need to Know
This consensus overhaul promises to tackle the network's notorious congestion issues—because nothing says 'progress' like fixing problems that shouldn't exist in the first place. Validators appear ready to greenlight the changes, betting that smoother transactions might finally justify those eye-watering validator setup costs.
Market Response: Cautious Optimism
Traders are watching SOL's stability like hawks, though let's be real—most are just waiting for the next meme coin pump on the network. The price action suggests tempered confidence, with investors apparently believing that this upgrade might actually work better than the previous 'fixes' that somehow made things worse.
Because in crypto, every solution creates two new problems—but at least the transaction fees remain low enough for your average degen to keep gambling.
Solana eyes recovery as new consensus upgrade boosts network
According to Wu Blockchain data on Monday, Solana’s new consensus proposal, Alpenglow (SIMD-0326), is currently marked as passed, with the voting period running from Epochs 840 to 842 and expected to conclude around Tuesday.
The graph below shows that currently 36.91% have voted yes, while 62.6% of votes remain uncast and strong community support suggests it will hold.
If passed on Tuesday, the Alpenglow consensus protocol could reduce block finality from 12.8 seconds to just 50 milliseconds, signaling a major leap in efficiency for the blockchain.
Apart from the optimism building around the network upgrade, Solana’s funding rate remains positive, at 0.0071% on Monday, indicating that longs are paying shorts and highlighting the ongoing bullish sentiment.
Solana funding rate chart. Source: Coinglass
Solana Price Forecast: SOL faces rejection from the key zone
Solana price got rejected from the upper trendline of a parallel channel (drawn by joining multiple highs and lows since mid-April) on Friday and declined 6.38% until Sunday. At the time of writing on Monday, it stabilizes at around $200.
If SOL recovers and breaks above the upper trendline boundary, it could extend the rally toward its next daily resistance at $230. A successful close above this level could extend the gains toward its record high of $295.83, set on January 19.
The Relative Strength Index (RSI) on the daily chart reads 54, which is above its neutral level of 50, indicating that bulls still have room for upward momentum. The Moving Average Convergence Divergence (MACD) has displayed a bullish crossover that remains in effect, further reinforcing the bullish outlook.
SOL/USDT daily chart
However, if SOL continues its correction, it could extend the decline to retest its next daily support at $184.13.
