The Solana Network Experiences Another Prominent Outage

The Solana network has suffered its fourth significant outage since January on the 1st of October. The network stopped processing transactions and went offline. A year ago, there was a very prominent outage on the Solana Network. The network was out for almost 18 hours in September of last year.

The latest network outage was attributed to a misconfigured node as the primary cause. Immediately following the notification of the “poor performance” , the Solana Status Site stated that the network suffered an outage.  It took around six hours to restore the network.

Key SOLANA Levels to Watch — October 6

 Solana experienced a massive breakout on the 18th of August 2022. The market ascended from the support zone at $25.90 to the supply level at $48.40. Bears stormed the market at the supply zone. This prompted a bearish displacement from an already-formed ascending triangle. 

The market was overbought at the resistant $48.40 trade level. This aided the ease of the crash as the market pressure on the higher band of the Bollinger. The market dived to the support level of $30.00. 

 The daily candles have moved above the Moving Average between the Bollinger Bands. The market is almost in the oversold region as seen on the Stochastic. A little push higher is expected to prompt a crash to $30.00. 

Solana Key Levels

Resistance Levels:$48.40, $42.50, $39.00
Support Levels: $25.90, $30.00, $31.70

 Total Market Capitalization:$ $958.8B
Solana Market Capitalization: $11.9B
Solana Volume: $705.6M
Market Rank: #9

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