SOLANA Price Analysis: SOL Network Faces another Network Outage. The price Slumps below $40.

Solana price is currently facing a downtrend over the daily chart, this signifies the bearish dominance
SOL network resumes blockchain production after another network outage.
The SOL/BTC pair stands at 0.001325 with a loss of 6.62% in it.

Solana is a native and utility token that provides a means of transferring value as well as blockchain security through staking. SOL was launched in March 2020 and has strived to become one of the top 10 cryptocurrencies entering the space by the means of total market capitalization.

Solana price is currently facing a downtrend over the daily chart, this signifies the bearish dominance over the market. The bears made the price to fall below the crucial support of $50, and is currently below $40, looks like the SOL ecosystem is sinking. Still the coin ranks #9 in the cryptocurrency market acc. to coinmarket cap. The coin has great potential, still it needs to accumulate the bulls to climb the market again. The SOL/BTC ratio stands at 0.001325 with a loss of 6.62% in it.

The current price for one SOL coin stands at 39.71 with a loss of 11.36% in its market capitalization in the last 24 hrs. The coin has a trading volume of 1.6 billion with a gain of 28.98% in the last 24 hrs trading session and a market cap of 13 billion which is at a loss of 11.02% in it. The volume market cap ratio is 0.1212.

Another Network Outage

SOLANA network resumes blockchain production after another network outage, SOL continues to tumble.

SOL network was down for the 5th time in 2022, this time due to a bug related consensus failure.

Today, the SOL network suffered an outage that lasted for several hours, bringing the SOL DeFi anf NFT ecosystems to a standstill. The Twitter account Solana Status shared the update.

<blockquote class=”twitter-tweet”><p lang=”en” dir=”ltr”>Block production on Solana Mainnet Beta has halted. Validator operators should prepare for a restart in mb-validators on Discord. <a href=”https://t.co/gRJJRqEMPn”>https://t.co/gRJJRqEMPn</a></p>— Solana Status (@SolanaStatus) <a href=”https://twitter.com/SolanaStatus/status/1532043450107015168?ref_src=twsrc%5Etfw”>June 1, 2022</a></blockquote> <script async src=”https://platform.twitter.com/widgets.js” charset=”utf-8″></script>

Notably, the primary cause behind the network going down was a “bug in the durable nonce transaction feature led to nondeterminism when nodes generated different results for the same block, which prevented the network from advancing”

The latest network halt lasted for approximately four and a half hours as validator operators eventually succeeded in restarting the Solana mainnet at around 21:00 UTC, the official incident report notes.

Conclusion

Solana price is currently facing a downtrend over the daily chart, this signifies the bearish dominance over the market. The coin has great potential, still it needs to accumulate the bulls to climb the market again. The trading volume is at a gain of 28.98%. This can be agood time for the investors to make a swing entry.

Technical levels

Resistance levels: $45 and $50.

Support levels: $35 and $30.

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing