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The Solana core engineering team has since last week found itself in a tight corner following the network outage over the weekend. Despite the smart contracts platform being in the spotlight for the wrong reasons, Solana price has remained relatively stable. Intriguingly, the token printed a green candle on Wednesday before bears swept in with a 3% loss in 24 hours.
Solana is trading at $21.95 at the time of writing, while bulls move fast to prevent the token from incurring more declines. Traders would be watching how SOL behaves around support at $21.67 because if broken, the next buyer congestion at $20.00 must come in handy. Otherwise, the 11th largest crypto might have no option but to let go and resolve to seek refuge at $16.00.
How Solana Has Plans To End Network Outages
The Solana blockchain is facing questions about why network outages are frequent. Crypto experts are now concerned that one of the most competitive smart contracts platforms could be facing a design flaw, which means it could be a time bomb waiting to off.
However, Anatoly Yakovenko, the co-founder of the Solana ecosystem hit the headlines with a plan to improve network security and stability. His statement came after the update on the most recent network outage.
Although the cause of the weekend’s network outage remains unknown despite an ongoing investigation, it is believed the incident occurred following a protocol upgrade from v1.13.6 to 1.14. Besides, the Solana Mainnet Beta went back online following a downgrade to the previous stable release—v1.13.6 followed by a restart by network validators.
“Delivering a fast, reliable, and scalable network to move toward a better, decentralized web remains a top priority. The issues around last week’s 1.14 network update – which focused on improvements for speed and scale – made it clear how maintaining stability during these major updates remains a challenge,” Yakovenko said via a blog post on Tuesday.
According to Yakovenko, Solana’s core engineers are working on a method that will “improve the process for software release rollouts by bringing in additional external developers and auditors to test and find exploits.” Core engineers are now working closely with validators to improve the software release process.
On top of the new software release process, the team has resolved to form an adversarial team, which will comprise a third of Solana Lab’s core engineering team. The new team’s role would be “to build additional hooks and instrumentation into the validator code to help find exploits across the underlying protocols.”
More information on the steps Solana’s core engineering team is taking to prevent frequent network outages can be found in the official blog post. Solana needs to achieve network stability to ensure investor confidence does not erode.
Can Solana Price Look Past Network Woes For A 100% Climb?
Solana price has upheld its stability despite the negative press surrounding the network this week. This situation suggests investors are not ready to offload SOL but would rather stay put for the next possible climb to $40.00.
From the daily chart, SOL price embraces support at $21.67. Reinforcing this confluence support is the 50-day Exponential Moving Average (EMA) (EMA) (line in red), the 100-day EMA (line in blue), and the lower ascending trendline (continuous line).
Bulls must work together to keep Solana price above that level. However, the lower yellow band on the same chart would be the last line of defense before SOL is forced to look down to $16.00 to exhaust the overhead pressure.
If bulls hold firmly to the confluence support at $21.67 as provided by both the 50-day EMA and 100-day EMA, the path with the least resistance might stick to the upside. However, staying afloat in this buyer congestion zone would not be enough to convince investors the pullback is over.
Solana price may have to reclaim the ground above $24.00 and possibly close the day above the upper rising trend line (dotted) to repair investor confidence for gains eyeing $28.00 and $40.00.
The 200-day EMA (line in purple) highlights the seller congestion at $28.00, where some investors may choose to cash out as Solana price climbs. A break above the same level would also call out to traders to trigger fresh buy orders, this time to rise the bullish wave to $40.00 – approximately a 100% move from the major support at $20.00.
What’s Holding Solana Price From Resuming The Uptrend?
Solana is dealing with negative coverage following the network outage over the weekend. In addition to that, the Moving Average Convergence Divergence (MACD) on the daily chart dons a sell signal. This call to traders to sell SOL manifested as the MACD line in blue flipped beneath the signal line in red.
Pressure could keep mounting on Solana price as long as the momentum indicator is sliding below the mean line. Therefore, traders looking forward to shorting SOL may want to wait until the price slides below the confluence support analyzed at $21.67. From here, profit booking could start at $20.00 but stubbornly bearish investors could choose to wait for Solana price to reach $16.00 before closing their positions.
Solana Alternatives To Consider Buying Today
Before you buy SOL, you may want to consider some of the best altcoins to buy for 2023. We have a dedicated team that reviews the Best Crypto Presales to invest in, especially for investors looking to diversify their crypto portfolios.
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Signing up on Fight Out allows users to earn rewards in an in-app currently called REPS for completing workouts and challenges. Fight Out also stands out for providing users with carefully crafted fitness programs, which eliminates the need to spend more money on personal trainers.
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With a minimum of $100, one can buy an NFT and receive a monthly rental income. Investing in real estate through Metropoly cuts the time and process from 60 days to less than 24 hours. So far, METRO’s presale has raised $582 far ahead of the token’s listing on exchanges.
Related Articles:
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- U.S. Government Takes A Round Of Moves To Clamp Down On The Crypto Sector
- OpenSea is surpassed by Blur as Ethereum NFT trading soars
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