Solana: To Buy or Not To Buy, a Detailed Guide For Your Next Trade
- community stopped processing transactions after being hit by an outage.
- The crypto bear market has pushed Solana’s market capitalization down by practically 81% in 2022.
- Solana value has suffered a chronic downtrend, there’s a chance of a massive rally in SOL.
Ethereum-killer Solana suffered an enormous community outage after a misconfigured node took down the entire SOL network. The pending transactions on the Solana network were in limbo.
The Solana community is again online after suffering a six-hour outage at present. The outage was attributable to a misconfigured node and it brought on the community to cease processing transactions and go offline. This is the fourth main outage on the Ethereum-killer blockchain since January 2022. Solana has suffered a quantity of partial outages all year long.
In September 2021, Solana suffered an 18-hour outage. The altcoin has misplaced 81% of its market capitalization for the explanation that beginning of 2022.
While Solana provides high transaction velocity and cheaper transactions in comparability with most rival blockchains, , , and , the network has suffered outages all 12 months round. This has resulted in criticism from traders, developers, and the crypto community. Solana competes with rival blockchains in most options, nonetheless, outages have remained a leading cause of concern among NFT tasks, developers, and merchants on the SOL blockchain.
The Solana Status web site, operated by the Solana Foundation shares accurate updates on the standing of the SOL blockchain. Based on the Solana value chart, the primary level of short-term bullish momentum is full and the SOL price has sustained above the 20-day Exponential Moving Average (EMA). Solana’s price is about to strategy the 50-day EMA, confirming an enormous rally within the Ethereum-killer altcoin.
SOL-USDT Price Chart (Source: TradingView)
The declining buying and selling volume has emerged as a cause of concern amongst merchants. Likewise, a momentum indicator Moving Average Convergence Divergence (MACD) closed to maneuver above the impartial zone. There is a decline in trade volume, and this remains a cause of concern for Solana’s uptrend.
Traders can expect a restoration rally in Solana value despite the declining volume. It remains to be seen whether or not Solana value trend sustains its bullish momentum.
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