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.
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.
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