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Solana

Solana Network Is Fully Operational After Massive Outage

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Just in case you did not know, the Solana network suffered a major outage, but it’s now fully operational after it managed to recover.

The Solana Foundation tweeted the following message:

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The Foundation also noted that it was able to recover in an hour after the network problem arose.

The Foundation continued and said: “Resource exhaustion in the network is causing a denial of service, engineers are working towards a resolution. Validators are preparing for a potential restart if necessary.”

Solana validator community completed a restart

They also posted the following message:

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“The Solana validator community successfully completed a restart of Mainnet Beta after an upgrade to 1.6.25. Dapps, block explorers, and supporting systems will recover over the next several hours, at which point full functionality should be restored.”

They also noted that the firing led to excessive memory consumption, and it caused the nodes to go offline. Engineers across the ecosystem tried to stabilize the network, but they were not successful.

Solana wallet Phantom and other decentralized applications were not able to connect smoothly to the network.

“The Solana network seems to be experiencing intermittent instability right now. Phantom and other applications are having trouble connecting. We will keep you updated on the status of the situation.”

Institutions are pouring money into Solana

During the past period, when the crypto market has been seeing a significant correction, Solana defied the trend.

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The price of this digital asset surged a lot and recorded close to $50 million in inflows compared to Bitcoin’s $0.2 million and Ethereum’s $6.3 million.

“During last week’s price falls, Solana’s price was a stalwart, outperforming a basket of the top 10 digital assets by 34%, having risen 24% week-on-week. This was reflected with inflows, dwarfing any other digital asset, totaling almost US$50m.”News Source

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Solana gains over 26% in two days — $250 SOL price target next?

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Solana (SOL) rallied higher on Oct. 21 as traders shifted focus from Bitcoin (BTC) to the most promising altcoins.

Notably, the price of SOL increased by more than 11% to over $196 a token, the highest level since Sept.11. Combined with the gains recorded in the previous 36 hours, SOL was up by as much as 26%. 

SOL/USD daily price chart. Source: TradingView

Capital rotation in play?

A new Bitcoin all-time high price on Wednesday triggered price rallies across the altcoin market as well.

For instance, Ethereum’s native token Ether (ETH) posted better intraday profits Wednesday, closing 7.32% higher around $4,170. Today, the second-largest cryptocurrency rallied further to $4,374, just $10 shy of its record high at $4,384 on Coinbase.

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Conversely, Bitcoin corrected by more than 3.5% to below $65,000. As a result, the ETH/BTC exchange surged by more than 5% to reach an intraday high of 0.06289 BTC.

Similarly, SOL’s performance against the U.S. dollar in the last two days came out better than Bitcoin. That prompted SOL/BTC to climb by more than 8% Thursday to hit 0.0026772 BTC, showing that traders rotated capital out of the Bitcoin market to enter the Solana market.

SOL/BTC daily price chart. Source: TradingView

Bullish pennant triggered

Solana’s latest price rally also appeared as a bullish breakout out of its multi-month consolidation channel.

SOL started consolidating sideways inside a Triangle-like trading range after rallying by more than 200% in the August-September period. As a result, the formation of more than two higher lows and lower highs, coupled with a declining trade volume, raised the prospect of the channel being a Pennant.

Since Pennant is typically a trend continuation indicator, their formation on the Solana chart after a massive price rally raised its prospects of sending SOL prices higher. Thus, the breakout from Wednesday now eyes an extended run-up, with its target sitting at length equal to the size of the previous uptrend.

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SOL/USD daily price chart featuring Bullish Pennant. Source: TradingView

In other words, the price target for Solana could be as high as $250 before the end of the month. However, a retest of the Pennant’s upper trendline as support would risk invalidating the bullish setup.

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Buying Solana now to gain 700% profits by 2022

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  • Solana price has been on a massive run-up in 2021 from $1 to $216 in roughly eight months.
  • This stellar climb is likely to continue into 2022 as significant bullish signs emerge.
  • Moreover, the start of a new bull run will serve as a tailwind for SOL, propelling it by roughly 713%.

Solana price performance has been extraordinary in 2021, and this trend is likely to continue into 2022. There are three reasons for this optimism,  all of which forecast a bullish outlook for SOL.

Solana price and Q4 crypto markets

Solana price is bullish and has been this way since its inception. The partners backing/investing in it include FTX’s Alameda Research, CMS Holdings and other big names. Moreover, SOL finds its place in many famous investors’ portfolios like Multicoin Capital, Sino Capital, etc. That these large yet important investors are backing the project with an “Ethereum-killer” narrative is one of the reasons for Solana’s exponential returns over the past eight months.

Unlike other Ethereum killers, which have never been able to stand up to Ethereum, let alone steal its market share, SOL has played a crucial role in DeFi and its events and continues to slowly siphon users away from the ETH ecosystem.

While Solana’s backing makes it extremely attractive as an investment, that is only half the reason. The other half includes the upcoming bull run – or bull run 2.0 if you will – which is more than likely to trigger altcoins to rally exponentially. But what makes this second phase intriguing and the most sought-after cycle is that it is happening in the last quarter of the year. From a historical perspective, Bitcoin bull run tend to overextend in Q4. Altcoins, however, take this to a new level, increasing their market value multiple times.

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We expect, therefore, that it will be in the second half of the run-up that that the big buying will take place, with pressure from retail and institutions a significant tailwind to Solana price, as it reaches unfathomable levels.

Technicals to push SOL the rest of the way

From a technical perspective, the daily and weekly charts both show an interesting yet bullish outlook for Solana price. The daily time frame shows SOL rose 713% between July 21 to September 8, forming a flag pole – the first element in a bullish flag or pennant pattern. This exponential growth was followed by consolidation that created three lower highs and higher lows, resulting in a pennant forming when connected using trend lines.

Taken together, the run-up from July 21 to October 20 and the consolidation that followed is a continuation pattern known as the bullish pennant. This technical formation forecasts a 713% upswing to $1,336, obtained by adding the flag pole’s distance to the breakout point at $164. A more conservative estimate would be to extend the poll by a 61.8% Fibonacci ratio resulting in a surge of 440% to a price target of $721.60.   

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Solana price shattered the pennant’s upper trend line on October 20 and has rallied 21% to where it currently is. Going forward, investors can expect SOL to continue its 713% uptrend to reach its theoretical target of $1,336 or the more conservative $721.60 price objective.

SOL/USDT 1-day chart

SOL/USDT 1-day chart

Interestingly, the weekly chart for Solana price shows that it is currently hovering above the $174 resistance level. This barrier has prevented SOL from climbing higher over the past five weeks, although the recent 21% run-up seems to have done the trick. 

Investors should wait for a decisive close above $174 to confirm that this upswing was backed by genuine buyers, however. Assuming SOL flips the $174 hurdle, a retest of this barrier (although unlikely) will serve as a secondary confirmation and convert it into a support floor. This development is more than likely to kick-start a new bull run on a higher time frame.

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What makes this climb more assuring is the red ‘one’ sell signal from the Momentum Reversal Indicator (MRI) on the weekly time frame. This indicates investors need not worry about an unforeseen sell-off or spike in selling pressure.

SOL/USDT 1-week chart

SOL/USDT 1-week chart

While things are looking up for Solana price, a breakdown of the lower trend line of the symmetrical triangle at around $143 will invalidate the bullish pennant. However, this does not invalidate the bullishness surrounding SOL. In some cases, this downswing could extend, pushing SOL to $130.

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Solana Price Prediction: SOL to retest $125

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  • Solana price continues to consolidate and approaches key breakdown levels.
  • Overbought levels in the Relative Strength Index act as consistent resistance to higher prices.
  • Failure of support could trigger a flash crash.

Solana price maintains an overwhelmingly bullish bias on the daily Ichimoku chart. The Chikou Span remains above the candlesticks, and the close is above the Tenkan-Sen, Kijun-Sen and the Cloud. But the current close is positioned to trigger bearish price action.

Solana price must hold near-term support, threats of downside pressure increase 

Solana price has some important price levels to watch out for to prevent bears from taking over. Between $149 and $154, four primary support levels exist: the bottom of the current bear flag, the Tenkan-Sen, the Kijun-Sen and the top of the Cloud (Senkou Span A). Below $149, there is no support for Solana within the Ichimoku system until Senkou Span B at $125. But it could move lower.

Below $125 Solana price runs into a very thin 2021 Volume Profile. It is very possible that any break of $125 could drag Solana lower towards the weekly Kijun-Sen and 38.2% Fibonacci retracement at $116. However, a move that low from the present value area is likely to occur only if there is a broader sell-off within the whole cryptocurrency market.

SOL/USDT Daily Ichimoku Chart

However, Solana bears shouldn’t be overly confident about an impending sell-off. Solana will benefit from any bullish sentiment if Bitcoin has substantial bullish support after its futures ETF listing. Any near-term bearish bias will be invalidated if Solana price closes at or above $173. From there, Solana is on the road to pushing beyond its all-time highs and into the $300 value areas.

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