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Solana Look for Bull’s Resurgence, SOL Price’s Path Towards $150 Maybe Cleared Now

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Solana’s price is holding the $100 region for more than 10 days, showcasing its tendency to rise high nullifying the impact of the bears. However, the asset may in safe hands if it pushes itself slightly to secure immediate resistance levels at $105. And hence the market participants may not take the SOL price rally lightly as it may be a calm before the storm. 

The market for the Solana price appears to be pretty stagnant over the past couple of days and hence it appears that the assets may not make a larger move. However, the range-bound consolidation for the SOL price may be eased anytime from now igniting a larger move. Moreover, as the institutional investments in Solana have spiked, one can expect a significant spike in the upcoming days. 

Solana for the past couple of days appears to have to wait for acute buying pressure which may raise the price from the current consolidation below $104. However, even if a bullish trend spikes up, the price needs to test the crucial $118 level to validate an uptrend. And moreover, a spike leading the price to test and clear the $136 levels may nullify the bearish trend at the maximum. 

On the contrary, if the SOL price falls prey to the hands of bears as its range-bound consolidation does point toward a descending trend. And hence if the price slides down then a huge chance of testing lower support at $80 is pretty high. And in such a case, Solana’s price may require more time to recover back above $100 again. 

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SOL Drops 6% as Solana Suffered Another Network Outage

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The Solana blockchain experienced yet another outage late on Friday, but it’s back online after getting restarted.

The protocol’s native cryptocurrency dropped by 6% daily as a consequence of the latest network outage.

  • The Solana Status Twitter page informed late last night about the network issues as it stopped processing transactions.
  • Shortly after, Stakewiz – an entity operating a validator node on Solana – provided more details, saying validators stopped voting at 22:41 UTC on September 30.
  • They also claimed that the network outage was not an issue in the network itself, and it should be able to handle it.
  • Although it’s not confirmed yet, it seems the problem lied with the creation of a duplicate block, which caused an obscure code path where validators were unable to switch back to the main fork.
  • The solution came from restarting the cluster from the last confirmed slot – 153139220. Once the stake threshold reached 80%, the restart was completed, and the network came back online.
  • It’s worth noting that this is far from the first time in which the Solana blockchain has gone down, even though the devs behind it published three steps on how this can be avoided a while back.
  • As with previous examples, though, the network going down had a similar effect on the native cryptocurrency. SOL declined by about 6% in the past 24 hours to way below $35.
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Solana Million-dollar Liquidation Poses Threat to Price: Details

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A Solana long contract worth $2.5 million on the verge of liquidation became the subject of attention following a six-hour network outage on Oct. 1. The Solana network stopped processing transactions at some point, leaving users stranded.

Colin Wu reports, “Solana has been down for nearly 5h, and validators are currently coordinating an attempt to restart. There is a long contract with nearly 2.5m in the Mango market that is in the liquidation range. However, the holder can neither add margin nor liquidate.”

The estimated liquidation price for the contract was $33.04. However, with the SOL price beneath this point, the position was dangerously close to being liquidated. A crypto user named Kaash Capital, who posted the screenshot of the long position, also noted that bids were filled down to $32.5, which might put “lots of sell pressure” on the SOL price. He also shared a screenshot showing 163 liquidations had taken place. At the time of publication, Solana was trading at $32.93, down 2.63% in the last 24 hours.

Solana drew attention in June, when it found itself entangled in what most described as its biggest whale liquidation crisis. A large account holder, or “whale,” had a loan with an outstanding balance of $108 million in USDC and USDT that was secured by SOL, the Solana network’s native token. As the price of SOL plummeted, the loan ran the risk of being liquidated.

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Solend, a Solana lending procedure, would have had nearly no SOL if the price of SOL had kept falling and the $21 million in SOL used as collateral for the loan had been liquidated. The co-founder of the project argued that the haste to acquire so much SOL for a discount may have caused the $2.6 billion Solana network to crash.

In the end, the whale started shifting its Solend investments into other Solana DeFi subsidiaries like Mango Markets — resolving the most acute crisis without a single cascading liquidation.

Solana blockchain restarted

The Solana network was successfully restarted after a six-hour outage. The Solana network stopped processing transactions and went offline Friday due to a misconfigured node.

This marks the blockchain’s fourth significant outage since January, when it experienced a succession of partial outages for most of that month. This most recent network shutdown comes a year after a nearly 18-hour outage last September.





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Cardano Founder Takes Jab At Solana as Network Experiences New Outage

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Yuri Molchan

CEO of IOG trolls yet another Solana outage, “returning the favor”, “Ethereum killer” is now up and running again

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  • Solana restart after today’s outage
  • Previous Solana outages this year

Earlier today, Solana network experienced yet another outage, when it was not processing transactions. Developers within the ecosystem were working hard to spot the issue and restart the network, according to a tweet by @SolanaStatus Twitter account.

Founder of Cardano, IOG and co-founder of Ethereum, Charles Hoskinson, could not help taking a jab at a Cardano competitor whose founders previously poured criticism on Cardano chain.

This is not the first time, SOL founders and Hoskinson have been “exchanging courtesies” about their rival’s chains.

Solana restart after today’s outage

An hour, ago Solana network was successfully restarted. This was yet another outage in a series of temporary failures of the ecosystem that took place throughout 2022.

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The glitch that took Solana network down took several ours to diagnose and fix. Within less than a year, this has been by far not the first outage of Solana.

According to another tweet of @SolanaStatus, Solana restarted its Mainnet Beta. Now, all operators of the network will carry on restoring client services, which will take them several hours.

Previous Solana outages this year

The previous time when Solana faced a more than four-hour outage was in June. In January, the network was down for more than 18 hours, and it brought massive losses to traders who were unable to sell their SOL tokens, and just watched the price plunge, losing large amounts of money.

At the time of writing this, SOL is down 6.35 percent on the news, trading at $33.09, almost completely erasing its gains of more than 9 percent it saw over the past few days.

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Image via TradingView





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