Solana ratings after 18-hour failure
Solana ratings after 18-hour failure
experienced “temporary instability” for the second time within 12 days, which meant that the network went offline for 18 hours. Sol has dipped as a result of the incident, but quickly recovered.
The central theses
- Solana crashed yesterday due to a denial of service.
- The network is now processing blocks, but some applications in the ecosystem have not yet recovered.
- Sol could target $ 207.50 if optimism returns.
The Solana Foundation yesterday reported a denial of service attack that paralyzed the blockchain for 18 hours. Now that the network is secured, Sol seems to be restored.
Solana network suffers crash
The Solana network went offline for about 18 hours after the occurrence of "temporary instability" on Tuesday. The team behind the high-throughput blockchain reported that the exhaustion of the resources led to a denial of service.
It is assumed that the cause of the problem was an IDO on the decentralized stock exchange raydium. Bots tried to buy token when selling and flooded the network with 400,000 transactions per second.
Several queues in the validation code were unlimited, and the lack of prioritization of network-critical messages led to a chain division. The fork led to excessive memory consumption, which meant that the validators no longer had a memory and crashed.
Solana status, a Twitter account operated by the Solana Foundation (NYSE :), reported that the problem was completed at 12:38 UTC 45 minutes, during the restart at 06:01 UTC. Although the network is now in operation, some DAPPS, block explorers and Supporting systems have not yet recovered.
Sol, the native token of Solana, recorded a decrease of 17%after the network failure. The seventh largest cryptocurrency after market capitalization fell briefly from a maximum of $ 171.50 to a low of $ 142.60.
Sol prepares for the climb before
Despite the sudden drop of price, Sol seems to be ready to continue his upward trend. He recently broke out of a descending triangle that had limited his price movement since September 8th.
Cut the 38.2% Fibonacci retracement level at $ 170.64 could serve as a further confirmation factor for a 28% upswing towards $ 207.50.
It is important to pay close attention to the 23.6% Fibonacci retracement level at $ 159.92. In view of the increasing volatility, Market Maker could set up a bull trap to liquidate ignorant investors.
A decisive four-hour candletting closure below this level of support could stop the interest bullish thesis and lead to a pullback on the latest swing low of $ 142.60 or turn into a steeper decline to $ 110.
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