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    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

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  • Guides
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    What Is Copy Trading in Crypto? A Beginner’s Guide

    A Step-by-Step Guide for Risk-Takers

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    The #1 CopyTrading Exchange-Bitget Turns 5, $100 Bonus for Newcomers

  • Coin Marketcaps
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  • Web 3
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    Shib: The Metaverse – Part of the Expanding Shiba Inu Ecosystem

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    Volume Plunges While Transactions Soar

    Snoop Dogg’s Telegram NFT Drop Sold Out in Half an Hour

    Snoop Dogg’s Telegram NFT Drop Sold Out in Half an Hour

    Snoop Dogg’s TON NFT Launch Could Signal New Narrative for NFT Market

    Snoop Dogg’s TON NFT Launch Could Signal New Narrative for NFT Market

    Why a ‘Mobile-First’ Mentality Drove OpenSea’s Latest Acquisition

    Why a ‘Mobile-First’ Mentality Drove OpenSea’s Latest Acquisition

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    Boxed Memecoins as Collectible Toys

    Hype fades as NFT platforms lose users

    Hype fades as NFT platforms lose users

    OpenSea Revolutionizes Mobile Trading with Rally Wallet Acquisition

    OpenSea Revolutionizes Mobile Trading with Rally Wallet Acquisition

    Donald Trump Had Said, ‘The US Government Will Not Sell Cryptocurrency From Now On,’ But Something Strange Is Going On — Onchain Data Shows…

    Donald Trump Had Said, ‘The US Government Will Not Sell Cryptocurrency From Now On,’ But Something Strange Is Going On — Onchain Data Shows…

    What are Floki’s Flokitars?

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    ChatGPT vs X: Who Sees Crypto Narratives First?

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    Why AAA Game Studios Will Eventually Embrace NFTs

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    Blazpay and Onmi AR Unite to Elevate Web3 Gaming Experience

    Floki’s Valhalla Surpasses 100K Veras Minted Within Days of Launch

    Floki’s Valhalla Surpasses 100K Veras Minted Within Days of Launch

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    Gear Runner Integrates with Meta Arena to Deliver Gamified Real-World Activity and Move to Earn for GameFi Fans

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    MetaMask Users Can Now Link Binance and OKX Accounts to Their Portfolio Dashboard

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  • AI
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    ETH Daddy Discusses Ethereum and AI

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    How decentralization can mitigate ‘dystopic’ artificial intelligence risks: SingularityNET exec

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  • Guides
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    What Is Copy Trading in Crypto? A Beginner’s Guide

    A Step-by-Step Guide for Risk-Takers

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    What is Spot Trading in Crypto? A Beginner’s Guide to How It Works

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    Crypto Risk Management Strategies for Trading (2025)

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    What are Rollups in Crypto? ZK Rollups and Optimistic Rollups Explained

  • Analysis
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Home Altcoins

$93, then $95: What happened to Solana over the last 24 hours

February 7, 2024
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$93, then $95: What happened to Solana over the last 24 hours
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  • Solana’s latest outage increased negative sentiment.
  • SOL dropped to $93.4, but it recovered soon and went above $95.

Solana [SOL], which has remained infamous for its outages, held its ground well over the past few months, as no such incidents were recorded.

However, the streak ended on the 6th of February, as the blockchain’s mainnet went down for around five hours, which also had a slight impact on SOL’s price.

READ ALSO

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Engineers from across the ecosystem are investigating an outage on mainnet-beta. This thread will be updated as more information becomes available https://t.co/rfeioQ6BG9

— Solana Status (@SolanaStatus) February 6, 2024

Solana went down for hours again

Several Solana validators also took it to X (formerly Twitter) to flag this incident. Nonetheless, engineers identified the problem and came up with a solution within a few hours.

They worked on a new network release named v1.17.20, which included a patch to address an issue that caused the cluster to halt.

Though the outage was for a brief period, it did have an impact on sentiment around Solana.

AMBCrypto’s look at Santiment’s data revealed that SOL’s Social Dominance spiked during the outage as people started to talk about the issue online.

Because of the downtime, negative sentiment around the blockchain also spiked during this time.


Source: Santiment

SOL was quick to recover

Apart from market sentiment, the outage also hurt SOL’s price action. Soon after the news broke, SOL’s price started to decline, reaching $93.4.

See also  Solana and its FTX ghost - Are NFT sales doing the trick?

However, the token was quick to recover and climbed above the $95 mark on the same day.

According to CoinMarketCap, SOL was up by 0.6% in the last 24 hours. At the time of writing, SOL was trading at $95.86 with a market capitalization of over $41.8 billion, making it the fifth-largest crypto.

Though the token’s price recovered quickly, investors should not expect a major uptrend in the short term, as a few market indicators looked bearish.


Is your portfolio green? Check out the SOL Profit Calculator 


Notably, Solana’s Relative Strength Index (RSI) and Money Flow Index (MFI) took sideways paths, suggesting a few slow-moving days.

Additionally, the MACD displayed the possibility of a bearish crossover, which indicated that there was a possibility of a price decline.


Source: TradingView

Next: ‘Risky’ DeFi comes with challenges – Here’s what analysts think

Tags: HAPPENEDhoursSolana

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