Solana Records Network Outage for the Seventh Time in 2022

Updated:

In what is becoming an all-too-familiar occurrence, Solana (SOL) has recorded another network outage following a surge of transactions on the network. Solana has suffered network difficulties severally in 2022, with block production always getting affected.

The network outage was confirmed by Solana Status on Twitter, which detailed that “Block production on Solana Mainnet Beta has halted. Validator operators should prepare for a restart in MB-validators on Discord. Validator operators across the ecosystem are working to finalize restart instructions for Mainnet Beta.”

Interestingly, the network outage on Saturday came following statements by one of the project’s founding developers, Anatoly Yakovenko, who argued that Bitcoin’s proof-of-work (PoW) consensus mechanism could become obsolete in the near future, calling for the network to pivot to the more efficient proof-of-stake (PoS) system. Yakovenko stated in an interview with CNBC that “If [Bitcoin] eventually doesn’t switch to proof-of-stake nobody is going to use it.”

Following the outage, many took to social media to mock Yakovenko’s recent comments about Bitcoin’s network. One commenter noted that “Eventually if Solana doesn’t have consistent uptime, nobody is going to use it.”

After seven hours of downtime, Solana Status released its tweet informing the public of the problem and that the network would be rebooted. The Twitter account later wrote that “Network operators and dApps will continue to restore client services over the next several hours.”

Key Solana Levels to Watch — May 2

Solana suffered another wave of declines over the weekend, as the cryptocurrency bottomed at $81.80, its lowest point in over six weeks. SOL later posted a leg-up above the $90.00 mark yesterday but was immediately cut short by sellers, who sent prices below the mentioned mark.

SOLUSD – 4-Hour Chart on FTX. Source: TradingView.

That said, I expect price action to fall into a sideways range ahead of Wednesday’s Fed rate announcement, where a possible bullish reversal could kick in. On the other end, SOL needs to hold a daily candle above the $100.00 psychological mark to re-establish bullish control.

Meanwhile, my resistance levels are $90, $100, and $110, and my support levels are $80, $70, and $60.

Total Market Capitalization: $1.74 trillion

Solana Market Capitalization: $29.5 billion

Solana Dominance: 1.69%

Market Rank: #7

 

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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.