Solana Price Analysis; Ascending pattern on the chart
Solana, who had a serious problem with her network last week, has had the worst performance in the last 100 days among the top 100 currencies. However, in the market view of this digital currency, there is an upward technical pattern that can bring the price to $ 250.
to the Report Kevin Telegraph, the price of Solana digital currency fell again yesterday. Solana’s price drop these days is due to a disruption that occurred last week in the main network of this digital currency and caused the confidence of investors to be damaged.
Solana market has always been down after reaching the peak of $ 221.38 on September 9 (September 18) and yesterday the price reached 133.53 dollars with a decrease of 13.27 percent. Overall, the market has experienced a 40% drop since Solana reached its all-time high, while prices have tripled in the past 30 days.
Solana had the worst performance among the top 10 currencies in the market yesterday and the weakest performance among the top 100 currencies in the last 7 days. At the time of writing, each Solana unit is trading at around $ 156. Prices have risen 7% in the last 24 hours and decreased by 11.5% in the last 7 days. It is worth mentioning that Solana’s return in the last one year has exceeded 5,374%.
Network outage hit Solana market
Solana fans hail the network as Atrium’s main competitor. Users compare the two networks due to Solana’s higher speed and lower fees compared to Atrium.
On September 14 (September 23), Solana’s network was attacked by DoS services, and speeding up transaction processing to 400,000 transactions per second rendered the network inaccessible. As a result, Solana’s main network was down for 18 hours, making decentralized applications out of reach.
According to Solana’s development team, the main reason for the disruption seems to have been Raydium decentralized exchange robots, which increased the network processing pressure to 400,000 transactions per second by over-purchasing Solana tokens. Solana validators, on the other hand, were unable to prioritize transactions, and this led to network splitting.
On September 14 (September 23) Solana experienced a decline of 19.17% for a period of time and reached $ 137.15, however, most of the fall was recovered and Kendall closed daily with a fall of 6.47%.
Gavin Wood, co-founder of Atrium and creator of the digital currency Polkadat, has said that the Solana blockchain works with a set of proprietary, closed-end servers that speed up networking, but at the cost of network centralization. Atrium, meanwhile, has been able to successfully resist similar attacks.
The Solana Development Team tweeted on September 16th (September 25th) and promised to take more steps to prevent hacker attacks in the future. The Solana Foundation also said it plans to release an analysis next week to look into the details of the cause of the problem.
The rising flag raises the price to $ 250!
Despite the wide price correction in recent days, Solana is expected to resume its uptrend, as an uptrend is taking shape in the digital currency market.
This pattern, called the “bullish flag”, is formed when the price fluctuates in a bearish channel (flag) following a significant uptrend (flag bar). If the pattern works correctly, the price will cross the trend line above the downtrend channel and usually grow to the height of the flagpole.
Also read: Familiarity with 10 technical analysis chart patterns that every trader should know
Solana’s recent price movements are pushing the digital currency market into a rising flag. As a result, buyers’ next attempt to cross the uptrend line of the downtrend can raise Solana’s price by as much as the height of the flagpole. Since the height of this bar is $ 107, the price can increase up to $ 250.