Solana Succumbs to Bearish Pressure Amidst Recent Outage Saga

• At the time of writing, Solana is trading at $95.16, up 1.87% in the last 24 hours.
• If the price manages to go past $98.5 level, then it will likely test $102 resistance level.

Solana (SOL) had a positive month in terms of network activity, gaining a large number of users. But bears continued to exert pressure on the token’s price trajectory during this time. A major outage affected the Solana blockchain network on February 6th, keeping the network inoperable for about 5 hours.

Solana, a network praised for its speed and throughput but frequently criticized for its operational reliability, has had many outages like this one. Updated software with a critical patch to fix the underlying problem was given by Solana Labs, and validators were forced to restart with it.

Not long ago, ADGM made headlines when it announced that IOTA will be joining its Distributed Ledger Technology (DLT) foundation regime as a pioneer foundation. Within this framework, ADGM has made clear its intention to enter into an MoU with the Solana Foundation in order to further their cooperation.

Bears in Control

A gloomy picture emerges from the technical analysis of SOL. A break from the formerly strong uptrend is evident as the price has now broken through key support at the $95 level. However, the price was able to recover briefly and is now trading around the $95 mark.

Source: CoinMarketCap

At the time of writing, Solana is trading at $95.16, up 1.87% in the last 24 hours as per data from CoinMarketCap. Moreover, the trading volume is down 5.63%. If the price manages to go past $98.5 level, then it will likely climb further to test $102 resistance level. On the other hand, if the price manages to go below $93.7 level, then it will likely test $88.3 support level.