|

Solana price drops after Metaplex Candy Machine takes SOL down for 7 hours

  • Botting on the Metaplex Candy Machine program took the Solana network down for seven hours. 
  • Operators have successfully restarted the Solana network, however, SOL price took a nosedive. 
  • Analysts have a bearish outlook on Solana, predict a further decline in SOL. 

Solana blockchain was hit by the Metaplex Candy Machine bots that took SOL’s network down for nearly seven hours. The event had a negative impact on Solana price. 

Solana price suffers a decline as SOL mainnet goes down

Solana price has suffered a drop in price over the past few hours as the mainnet was hit by Metaplex Candy Machine bots. Metaplex CLI uses the candy machine to generate NFTs; since bots hit it, the Solana network hit an outage. 

The Solana network was hit by outages consistently over the past year. Proponents believe these events have negatively impacted Solana prices. Solana continues to suffer a decline, and the mainnet downtime has fueled a bearish sentiment among users. 

Operators successfully restarted the Solana network and posted an update for the community. However, Solana price is yet to catch up with the network’s progress. Network operators on decentralized applications could take longer than expected since the outage lasted seven hours and operators have failed to reach a consensus. 

Analysts have evaluated the Solana price trend and revealed a bearish outlook. Bob Mason, a crypto analyst and trader, believes Solana must avoid the pivot at $87.19 to move past significant resistance and target $92.39. The broader market sentiment needs to improve for Solana’s return to $90. 

The analyst believes Solana price could face second resistance at $100.09, followed by third at $113. 

Author

Ekta Mourya

Ekta Mourya

FXStreet

Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.

More from Ekta Mourya
Share:

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

By subscribing you agree to our Terms and conditions.

Editor's Picks

Ripple holds $1.82 support as low retail demand weighs on the token

Ripple (XRP) is trading between a key support at $1.82 and resistance at $2.00 at the time of writing on Thursday, reflecting the lethargic sentiment in the broader cryptocurrency market.

Aster declines for fifth straight day despite buyback efforts

Aster trades under intense selling pressure, recording 3% loss at press time on Thursday. The perpetual-focused exchange resumed its Stage 4 buyback program on Wednesday and currently holds almost 52 million ASTER tokens.

Crypto Today: Bitcoin, Ethereum hold steady while XRP slides amid mixed ETF flows

Bitcoin eyes short-term breakout above $87,000, underpinned by a significant increase in ETF inflows. Ethereum defends support around $2,800 as mild ETF outflows suppress its recovery. XRP holds above at $1.82 amid bearish technical signals and persistent inflows into ETFs.

Bitcoin steadies near $87,000 as strong ETF inflows offset bearish pressure

Bitcoin is attempting to stabilize, holding near $87,000 on Thursday after this week’s pullback. Institutional demand shows signs of optimism, as US-listed spot Bitcoin Exchange-Traded Funds (ETFs) recorded fresh inflows of over $457 million on Wednesday.

Orange Juice Newsletter – Smart insights by real people. Every day.

A free newsletter highlighting key market trends to help traders stay a step ahead. Daily insights on the most relevant trading topics, compiled by our experts in an easy-to-read format so you never miss an important move.

Bitcoin: Fed delivers, yet fails to impress BTC traders

Bitcoin (BTC) continues de trade within the recent consolidation phase, hovering around $92,000 at the time of writing on Friday, as investors digest the Federal Reserve’s (Fed) cautious December rate cut and its implications for risk assets.