Solana Price Prediction as SOL Blockchain Goes Down – What’s Going On?

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The Solana network is suffering a minor outage with the last transaction halted at 09.52 UTC, according to the block explorer.

Engineers and validators are currently investigating the mainnet-beta for the source of the problem. Blockchain company and leading Solana validator Laine tweeted: “It is not clear yet whether a recovery is possible without a coordinated cluster restart.Engineers are investigating and identifying a possible remediation, it is not clear yet whether a recovery is possible without a coordinated cluster restart.The outage has had an adverse effect on the price of the Solana network’s native coin, SOL.

In the last hour, the price has dipped 2.2%, compounding a 24 hour depreciation of 4.4%, according to data by CoinGecko.

Over the last 7 days, SOL has shed 10%, wiping out all of its gains over the last 30 days.

SOL currently changes hands at $93.63. While chart data suggests the coin has found strong support at this level, the outage could mean SOL holders haven’t yet seen the end.Based on historical data, SOL could bottom to previous support levels of around $0.87.

It’s unlikely to spiral down to its 2023 low of around $0.79, though. This previous bottom was part of a market-wide rout, catalyzed when JP Morgan CEO Jamie Dimon said that Bitcoin’s pseudonymous creator Satoshi Nakomoto could one day return and the cryptocurrency.

Source: TradingView / SOLUSDT

In short, SOL fans can probably expect more losses in the short-term, but the coin’s current price action is due to a technical fault, rather than any threats to the network or its reputability.