Solana price drops after Metaplex Candy Machine takes SOL down for 7 hours
- Botting on the Metaplex Candy Machine program took the Solana network down for seven hours.
- Operators have successfully restarted the Solana network, however, SOL price took a nosedive.
- Analysts have a bearish outlook on Solana, predict a further decline in SOL.
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.
Validator operators successfully completed a cluster restart of Mainnet Beta at 3:00 AM UTC, following a roughly 7 hour outage after the network failed to reach consensus.
— Solana Status (@SolanaStatus) May 1, 2022
Network operators and dapps will continue to restore client services over the next several hours. https://t.co/ezqEYQYKWl
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.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
