Solana price: Will assurance from co-founder at Breakpoint conference help SOL?
- Solana co-founder Anatoly Yakovenko addressed Solana blockchain’s outages and reliability issues at the Breakpoint 2022 annual conference.
- Yakovenko argues that recent updates will help Solana resolve its reliability issues.
- Analysts argue that Solana price is under pressure and the altcoin could continue its downward spiral, hitting the $30.5 level.
Solana blockchain was hit by multiple outages throughout the year. Anatoly Yakovenko, co-founder of Solana addressed this issue at the Breakpoint 2022 annual conference and assured users that new updates would tackle their concerns. Analysts believe Solana price could plummet lower under a wave of fresh selling pressure.
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Solana co-founder tackles outage-related concerns of SOL users
Anatoly Yakovenko, co-founder of Solana addressed repetitive outage concerns on the SOL blockchain. Since the beginning of 2022, there have been over ten outages on the SOL network. This has affected the performance of the Solana blockchain. Yakovenko assured SOL users that new updates are in the pipeline to resolve these issues.
Solana’s status reporting has logged all the partial and full outages. The most notable one was in the second week of January 2022. The most recent outage on October 1 lasted more than six hours.
During the Breakpoint 2022 conference in Lisbon, Portugal on November 5, Yakovenko discussed the past and future of the blockchain. The Solana co-founder admitted that the network has faced difficulties throughout 2022:
We've had a lot of challenges over the last year, I would say this whole last year has been all about reliability.
Analysts retain bearish outlook on Solana
Crispus Nyaga, a crypto analyst, evaluated the Solana price chart and noted a strong bearish trend. Solana price nosedived below two key price levels: $35.45 and $34.37.
SOLUSD price chart
Solana price dropped below the 50-day Simple Moving Average at the same time as the Relative Strength Index dropped below neutral. These indicators imply a continuation of Solana’s downtrend.
Nyaga notes that profit taking by weekend buyers and overall crypto market decline have contributed to the bearish sentiment among Solana holders.
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.
