Solana Technical Analysis Report | 6th-October-2022

Solana has had many disruptions this year, the most recent one happening on October 1st, according to the latest news. This is a serious issue for the network as it could undermine investors’ confidence in the project and the Solana token. The previous disruption was caused due a single validator which subsequently caused an outage on the blockchain. Due to this, the entire blockchain was halted, suspending all transactions for a short time. As per the discussions regarding the outage, two network developers posed as 11 other network developers. These two developers then double-counted to increase the TVL number.

Despite recent troubles, SOL gained about 8% on October 3rd and 4th before starting a downtrend earlier today.

At the time of writing, Sol was trading at $34.35.

Solana Chart | 06th October 2022
Solana (SOL) Price Chart

Solana after making the low of $25.86 (on 14th June) witnessed a sharp recovery. The prices surged almost by 87% up to $48.35. However, the asset faced stiff resistance multiple times around the $50 mark and the prices corrected and dropped to $30. Post this move, Sol has been consolidating and trading in a range from $30 to $37 ($30 is acting as a strong support). Breakouts on either side of the range with good volumes will further decide the trend for the asset. Flat Moving Averages and RSI at 50 indicate a neutral stance for the asset.

Support 2Support 1AssetResistance 1Resistance 2

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