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

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.