Price Analysis

Solana is Setting New Records for Network Outrage! For How Long Will the SOL Price Be Unaffected?

Author: Sahana Vibhute

Sahana Vibhute right arrow

Author

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

  • author facebook
  • author twitter
  • linkedin

Highlights
  • Solana network again halted the network as the transactions were unable to be processed compelling the network to go offline

  • While the other blockchains operate with zero network outrages in 2022, Solana tops the leader board with 8 in its account

Solana network is back to work following a 6-hour halt due to the network outage. The platform stopped processing the transactions due to a defective node, which compelled the network to remain offline. However, the developers were successful in reviving the network as they restarted the solana mainnet. 

The SOL price has not been largely impacted by the outrage as the network has witnessed more than 6 halts this year. However, the price may not remain unaffected for long as they are largely stuck within a descending trend. The token is constantly testing the upper resistance but failing to slice through the consolidation. 

The Solana price, with the latest price action, has somehow managed to surpass the crucial 200-day MA levels in the short term. While the asset has not been confirmed with the rebound, the bears continue to mount significant pressure. Hence, if the price falls apart from these crucial levels, then the possibility of testing the lower support at $30 emerges. 

While these support levels have been respected many times before, another retest may drag the price lower to $28.8. However, the technicals suggest a quick revival of a bullish push, which may compel the SOL price to undergo a short-term bounce to reach $32, but eventually, a significant drop could be imminent. 

The constant Solana’s network outrages have eventually landed SOL prices in deep waters. A very less possibility of a fine rebound may be expected as the bears are all set to trap the bulls at $32.

Show More

Was this writing helpful?

No Yes

Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

Related Articles

Back to top button