Wednesday, December 6, 2023

Solana Goes Below $40 Amid Latest Network Outage

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Solana goes below $40 amid the latest network outage and it is currently on a downtrend as a result of the outage yet again so let’s read more today in our latest altcoin news.

Solana is on a downtrend right now with the price of the altcoin dropping below $40 as a result of the network outage that happened a few days ago, thanks to a software glitch that lasted for over 4 hours. Solana experienced another major outage in the month of January which stretched for 18 hours and after a period of consolidation, SOL attempted to rise but the bars came soon after. Right after the altcoin lost its support at $50, it was dropping in value ever since and the buying strength also dropped owning to the recent downtrend.

sol usd
Solana registered a fall in buying strength on the one day chart Source SOLUSD on TradingView

SOL was trading at $38 and lost the crucial support of $40 after it went on a downtrend. If SOL doesn’t manage to stay at the current price level, it could aim for $34 the coin touched the price level in August 2021 but the descending trendline agreed with the downtrend ont the market. For the bulls to accumulate in order to invalidate the bearish thesis and the coin to attempt $50 the volume of the coin traded dropped as well. The reading signified a bearish dominance on the market and SOL even tried to slightly recover but at the time of writing, the indicator noted a downtick.

The RSI was above the oversold zone but the pressure from the bears can cause SOL to become oversold and the Bollinger Bands for depicting the price volatility indicated that there was a squeeze release which means that the price volatility could be expected. The price of Solana could sway either way as the charts show mixed signals. The Awesome Oscillator shows a current price momentum that is changing ad the indicator flashed a green signal bar which indicated a change in momentum along with the buying signal. It seems that the SOL could be stuck in the same price action in the immediate trading sessions but a change can be expected if the broader market extends support.

solana price
Solana was priced at $38 on the one day chart Source SOLUSD on TradingView

The Blockchain platform Solana was down for four hours due to a bug that stopped the blockchain production. The official pages of the platform reported the issue and the validators brought the network back online via a restart a few hours later.

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