Categories: Market

Despite the crash and 40% loss, Solana (SOL) sets a bull flag for the week with a target of $ 250

The Solana (SOL) price continued its downward trend on September 17th due to a prolonged outage, indicating high security risks, which shook traders’ confidence.

The SOL fell as much as 13.27% to a September 17 low of $ 133.53, in a corrective trend from a high near $ 221.38 on September 9.

Although the SOL has fallen nearly 40% since a local high was set last week, it has still more than tripled in the past 30 days.

Investors lose interest

Proponents see Solana’s Layer 1 blockchain solution as a direct competitor to Ethereum, largely due to its potential to guarantee higher speeds and lower transaction costs.

However, on September 14th, Solana experienced a service outage (DoS) that increased the transaction load to as much as 400,000 per second over the maximum capacity of the network. As a result, Solana’s mainnet beta was unstable for 18 hours, forcing dApps on its blockchain to shut down.

https://twitter.com/TheCryptoLark/status/1437942597771665408?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow noopener

“Lol, what the hell is going on today?

SOL is offline for a couple of hours

Arbitrum has been out of business for almost an hour

Ethereum attack failed. “

In a tweet published on September 16, Solana promised to act more proactively against potential hacking attempts. The organization also announced that it would publish a detailed analysis after “researching the attack” in the coming weeks.

Bull flag

The SOL is expected to continue its upward momentum despite the price correction as it establishes a classic technical structure with a bullish outlook on the chart.

SOL establishes a bull flag pattern | Source: TradingView

This pattern is known as the bull flag – which forms when price consolidates down in a descending channel (flag) after a sharp move up (flagpole). Eventually, price breaks the channel’s upper trendline, which usually rises by the height of the flagpole.

A subsequent attempt to break the channel’s upper trendline could propel SOL’s price to the flagpole, about $ 107 or $ 250.

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Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

Teacher

According to Cointelegraph

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Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

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