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Solana price held regular on Monday morning even because the community’s outage challenges continued. The SOL token is buying and selling at $90.50, which is about 11% above the bottom degree in April. Its market capitalization stays at over $30 billion, making it one of many largest cryptocurrencies on the earth.

Solana suffers one other outage

Solana price did properly throughout the weekend as buyers reacted to the most recent outage in the network. During the weekend, the community suffered a seven-hour outage because the variety of bots within the community rose. According to reports, these bots have been trying to mint NFTs within the community. 

The particular NFT that was being attacked was Candy Machine. The rising variety of these bots prompted the mainnet to fall out of consensus and crash as nodes collapsed below the burden. 

During the bot assault, visitors to the community soared to over 4 million transactions per second. In regular instances, Solana is ready to deal with lower than 3,000 transactions per second.

Solana has seen different outages up to now. For instance, in January, it suffered an 18-hour outage. And in 2021, it suffered a number of multi-day outages, resulting in vital disruptions within the community. 

The rising outages within the community have had a damaging influence on Solana’s community up to now few months. For one, the whole worth locked (TVL) within the community has dropped by 24% up to now month. 

However, there have been some positives. For instance, Solana was within the highlight in April as the worth of Stepn’s GMT continued leaping. It is now value over $2 billion, making it the most important move-to-earn cryptocurrency on the earth. As such, Solana is positioning itself to be a significant participant within the Web 3.0 business. 

Solana price prediction

The SOL price has been in a bearish pattern up to now few weeks. The present price has moved under the April excessive of $144. The price is approaching the vital help degree at $76.72, the place it has struggled to maneuver under this yr. The coin has additionally dropped under the 25-day and 50-day shifting averages whereas the MACD has moved under the impartial degree.

A better look additionally reveals that the Solana price has shaped a head and shoulders pattern. Therefore, there’s a chance that the coin can have a significant bearish breakout in May. This view will likely be invalidated if the coin strikes under $76.72.