Solana Suffers Another Network Outage Amid Plummeting Market Conditions

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As the market battled a devastating crash on Friday, Solana (SOL) recorded yet another network issue, which prompted panic among traders and DeFi users across the crypto space.

Over the past few months, the SOL network has witnessed several attacks and issues. The recent hitch makes it the second recorded in January 2022 alone. However, the network hitch triggered a more prolonged outage than ever before, as the Solana network suffered a 48-hour outage.

The Solana team first drew attention to the hitch on Friday at around 00:00 UTC. The team detailed: “The mainnet-beta cluster is experiencing some performance degradation. We are currently investigating the issue.” That said, the investigation persisted for over 24 hours before the team assured that they had identified the problem at 17:55 UTC.

A report on the Solana Status Page maintained that the issue came about by “excessive duplicate transactions” instigated by bots.

That said, the issue was finally resolved on Sunday at 16:19 UTC, following the launch and adoption of v1.8.14, which developers put together to “mitigate the worst effects of the issue.”

The team added:

“These forthcoming releases are aimed at improving the state of the network, with more improvements expected to roll out in the next 8-12 weeks. Many of these features are currently live on Testnet, where they are being rigorously tested.”

Key Solana Levels to Watch — January 24

Amid the recent network outage, SOL suffered a massive breakdown as it sliced through multiple support levels to bottom out at a five-month low of around $90. Bears appear to have no intentions of letting go anytime soon as the cryptocurrency lost the mild rebound it managed yesterday.

SOLUSD – Daily Chart on FTX. Source: TradingView

That said, SOL is likely to toe a bearish continuation path towards $80 or lower in the coming days. This bias is supported by the hawkish stance maintained by the US Fed ahead of the FOMC meeting on Wednesday.

Meanwhile, my resistance levels are $100, $110-, and $120, and my support levels are $80, $70, and $60.

Total Market Capitalization: $1.61 trillion

Solana Market Capitalization: $27.5 billion

Solana Dominance: 1.71%

Market Rank: #8

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.