Bots in the Metaplex Candy Machine program have disabled the Solana network for seven hours. Operators successfully restarted the Solana network, but the altcoin price failed to prevent it from taking a plunge. Analysts are bearish on Solana and forecast further declines on SOL.
SOL mainnet outage caused altcoin price to drop
Solana price has dropped drastically over the past few hours as mainnet Metaplex Candy Machine bots were hit. SOL rallied slightly to the $88 level after falling as low as $82.91 on the day. However, the altcoin is 66% off from its all-time high of $260.
Metaplex CLI uses Metaplex Candy Machine to generate NFTs. As the bots hit, the Solana network suffered an outage. As we covered in the cryptokoin.com news, the Solana network has been constantly affected by outages over the past year. Fans believe that these events had a negative impact on Solana prices. Solana continues to decline and the mainnet outage is feeding a bear trend among users.
Operators have successfully rebooted the Solana network and released an update to the community. However, Solana price has yet to catch up with the network’s progress. Network operators in decentralized applications may take longer than expected as the outage lasted seven hours and operators could not reach a consensus.
Verifier operators have successfully completed the Mainnet Beta reboot after an outage of approximately 7 hours after the network failed to reach consensus. Network operators and applications will continue to restore client services over the next few hours.
Left (LEFT) price analysis: Bearish outlook prevails
Analysts evaluating the Solana price trend revealed a bearish outlook. Bob Mason, a crypto analyst and trader, believes Solana should avoid the pivot at $87.19 to break through the key resistance and target $92.39.
Stating that broader market sentiment should improve for Solana to return to $90, the analyst states that the altcoin price may face the second resistance at $100.09 and then the third resistance at $113.
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