Solana Price Prediction as Validators Approve Major ‘SIMD-0096’ Proposal – What Does it Do?

cryptonews.com:

SOL has gained by 1.5% in the past 24 hours, with the Solana price reaching $168.17 on a day when the crypto market struggles to move.

The coin’s rise also follows the news that Solana validators have approved SIMD-0096, a proposal that will see validators keep 100% of priority transactions, as opposed to 50% going to a burn mechanism.

The overarching aim of this proposal is to make the Solana network more efficient, although it has had only a modest effect on SOL’s price so far.

Yet the coin remains up by 18% in a month and by 720% in year, with its ongoing momentum likely to translate to further rallies in the near future.

With SIMD-0096 gaining approval only a few hours ago, SOL appears to have gathered a little more momentum than it had in the earliest hours of the morning.

In particular, its price looks ready to break through its resistance level (red), which has also been converging towards the support level (green) in recent days, suggesting an incoming breakout.

If SOL can decisively rise above $170, then we could see sustained gains towards the end of the week.

Such a move seems likelier when looking at SOL’s relative strength index (purple), which has gone from 40 a few hours ago to 60 as of writing.

Also signalling intensifying momentum is the coin’s 30-day average (orange), which looks ready to climb over the 200-day (blue), something which would also suggest a breakout.

As such, things look pretty good for SOL, which is currently seeing a trading volume of roughly $2.5 billion.

This isn’t as big as it has been in recent weeks and months, yet the flipside of its relative shallowness is that a big purchase could send the Solana price flying.

And it’s possible that today’s news of the aforementioned approval could serve