The Solana developer team announced that the project’s main network was suffering some “instability” on September 14 at 12:31 UTC. The team stated that they are aware of the issue and are investigating it.
Solana, which sprang to attention recently as a low-cost Ethereum competitor, saw its price plummet roughly 15% on Tuesday night when the network was crippled by a 400,000 transactions per second ‘denial-of-service’ attack.
1/ Solana Mainnet Beta encountered a large increase in transaction load which peaked at 400,000 TPS. These transactions flooded the transaction processing queue, and lack of prioritization of network-critical messaging caused the network to start forking.— Solana Status (@SolanaStatus) September 14, 2021
Validators chose to restart the blockchain to its original state before the incident after attempts to stabilise the network failed. Validators have already provided an updated version with instructions on how to install it. To get things started, at least 80% of validators must agree, according to Solana’s consensus method.
Looks like of the validators, about 30% of a required 80% supermajority are online and waiting. This episode sucks, but truly incredible to watch the validators rally, and it's *all for us*. Saying thanks to @ShinobiSystems @GenesysGo @CertusOne @cryptomeleabs + countless others— !ashpool (@schwiftycrypto) September 14, 2021
Solana Price Analysis :
The SOL price has been in a strong bullish trend for the previous few weeks, as shown on the daily chart. A bullish breakout is indicated by a decisive closing above the upper trend line of the technical pattern at $169.79. In this situation, investors can anticipate an 11% increase in SOL before hitting the $188.88 resistance level.
Solana’s price remains slightly below the pivot point at $170, but with more buying pressure, it will easily overcome this level. Increased selling pressure, on the other hand, might push SOL lower, in which case we’ll need to keep a check on the immediate support around $129.53.
If the buying pressure continues, the price of Solana is likely to turn this stumbling block into a platform. The bulls will be looking at the $194.22 and $199.23 supply hurdles if they close over $188.88.
Better call SOL: Month-long consolidation puts Solana price en route to $275
Solana (SOL) price technicals suggest SOL can hit $275 in the coming sessions.
The upside outlook for the world’s sixth-largest cryptocurrency by market capitalization comes as it consolidates inside a range that appears like a Bull Pennant.
In detail, Bull Pennants are bullish continuation indicators that form as the price consolidates inside a Symmetrical Triangle-like structure following a strong move upside.
The consolidation trend accompanies declining volumes, reflecting on the trend’s underlying weakness.
And, as the price approached the apex—the point where the Pennant’s trendlines converge, it tends to undergo a breakout to the upside, with the bull target at length equal to the height of the previous uptrend, i.e., Flagpole.
Solana’s flagpole height is roughly $125. That said, a breakout move at the Pennant’s apex (at around $150) puts SOL en route to $275.
SOL/BTC pair also gains despite Bitcoin at $60K
Solana’s prospects of hitting $275 come amid an overall price boom across the crypto market.
However, SOL price also rallied by 8% against Bitcoin (BTC) in the past two days in part due to its listing o South Korea’s top crypto exchange Upbit.
Overall, SOL has been one of the best performing altcoins in 2021, with its year-to-date profits at 8,500%. SOL traded at a record high of $216 in early September.
Institutional inflows boost SOL price
Despite Bitcoin currently in the limelight, Solana’s price likely also received a boost from institutional capital via dedicated investment funds, according to a report from CoinShares published earlier this week.
“Digital asset investment products saw inflows 500 totaling US$226 million, bringing the 8 week run of inflows to US$638 million,” CoinShares noted, adding:
“It was a mixed picture in other altcoins with recent favorites Solana (US$12.5 million) and Cardano (US$3 million) continuing to see inflows, suggesting the focus hasn’t entirely switched to Bitcoin.
Top Crypto Analyst Unveils Massive Polkadot Prediction, Issues Cardano, Solana and VeChain Price Alert
Crypto strategist Michaël van de Poppe is extremely bullish on Polkadot (DOT), while warning several popular altcoins may face further corrections.
The trader and analyst tells his 442,000 Twitter followers that DOT appears “programmed” to rise above $100 in the current market cycle.
Using a Fibonacci extension model, he outlines $75 and $115 as potential targets.
“If we assume that the area around $37 is going to hold as we are into a bull cycle, you could wonder whether you could be getting into the markets already or whether there’s a retest. So you derive a potential scenario of potential lows and potential gains. So for you, the [upside] targets are $75 to $115…
If you analyze the fact that we are going to sustain at around $38, then the potential loss and invalidation is this previous low at $32.”
As for Cardano (ADA), Van de Poppe says the fifth-largest crypto asset by market cap is sending bearish signals on the Bitcoin (BTC) chart.
“Cardano against Bitcoin is showing heavy run-up, bearish divergence here, and currently showing weakness resulting in overall downwards momentum.”
The cryptocurrency analyst says that a buying opportunity may present itself if support around 0.00002930 BTC holds, which is worth about at $1.75 at time of publishing.
“The crucial area that I want to see sustained is overall this level [at $1.75]. If that is going to hold here, which I might find tricky, then I’m looking for anything in these regions for potential long entries.
If that one is lost, I think we’re going to look at the area around 0.0000150 BTC [$0.90] and 0.00002 [$1.19] BTC before we’re going to get bullish all over again.”
Next up, Van de Poppe says he expects Solana (SOL) to experience “heavy correction.” According to the crypto analyst, the ideal opportunity would be after Solana corrects by about 67%, falling to around the 0.00135 BTC level on the SOL/BTC chart, which is currently valued at $80.40.
“Solana, same picture. Heavy correction most likely going to take place.
I practically have one area that I’m looking at to buy Solana at this point. It’s this region (0.00135 BTC). I’m not interested in Solana until there. That’s a corrective move of 67%.”
The cryptocurrency analyst also looks at supply chain management blockchain VeChain (VET), which he says is trending downwards.
“What we can see in this cycle too is that we are making lower highs [and] lower lows. And we are also rejecting previous support for resistance all the time.”
According to Van de Poppe, the “best potential entry point” on the VET/BTC chart is either the 0.00000110 BTC level or at 0.00000150 BTC, worth $0.066 and $0.089, respectively.
“Best potential entry point for me is around 0.00000110 BTC [$0.066]. I’m looking at an entry point in this region. If we get there in November and December, that would be absolutely amazing if that is going to be hit.
Second one – that’s this entire zone that we have here. We dipped in it already and that is the zone around 0.00000150 BTC [$0.089].”
Solana Listed on eToro! SOL Price Eyeing 100% Upswing Soon!
Bitcoin price entered the correction phase from the $57,800 zone. BTC Price plunged lower below $55,500 and it even tested $54,000. Meanwhile, major altcoins are struggling to start afresh increase.
Solana Listed on eToro
Solana (SOL) has been included to the list of prominent digital assets on the multi-asset investment platform eToro. According to eToro’s release, the new acquisition takes the total number of crypto assets available for trading on the platform to 32.
BTC, ETH, BCH, LTC, XRP, DASH, ETC, ADA, XLM, EOS, NEO, TRON, ZEC, BNB, XTZ, LINK, UNI, COMP, AAVE, YFI, MANA, ALGO, MATIC, BAT, MKR, ENJ, FIL, DOT, and MIOTA will all be available alongside SOL.
The endorsement of FTX US for a Solana NFT marketplace has been announced. Users of the exchange can now utilize the platform to mint, trade, auction, and authenticate NFTs based on the Solana blockchain.
Since the network’s inception, NFTs on Solana have exploded in popularity. As seen by its latest $1 million sale, the ecosystem has had a number of successes.
SOL Price Action:
Solana’s comeback from $115 (lows in September) has not been without setbacks. Despite this, the competing smart contracts token reached $180 before the current correction began.
The price of Solana is trading in the green and is currently trading at $146.46. Its immediate support level is at $139 and the resistance level lies at $152.
w4 low very close to being put in on sol/btc imo, the same low on the usd pair already put in and just in some HTF re-accumulation.
next move higher will be >100% imo.$sol pic.twitter.com/9vi4Fp0hLl— Bluntz (@SmartContracter) October 11, 2021
A well-known crypto strategist and trader who goes by the moniker “Smart Contracter,” has predicted an oncoming bull run in Solana as it nears the end of the price correction phase against Bitcoin and the US dollar. He anticipates a rally of more than 100 percent in the seventh-largest cryptocurrency by market capitalization in the near future.