SOL Dives 7% Daily, is $15 The Next Big Target? (Solana Price Analysis)

Solana lost its key support at $20 and is now accelerating down. Solana Price Analysis Key Support levels: $17, $15 Key Resistance levels: $20, $23 SOL failed to maintain its price within the descending triangle, and with the support at $20 turned into resistance, it's currently in search of support.

Timeline of Solana

A cluster of massive Solana whale wallets has transferred over $60 million worth of $SOL to the Nasdaq-listed cryptocurrency exchange Coinbase in a series of transactions that suggests the funds were moved by a single entity. According to data from whale monitoring service Whale Alert, a series of transactions worth between $12 million and $12.

As the cryptocurrency market continues its struggle to remain above the $1 trillion psychological threshold, Solana (SOL) is feeling the pain as well, and the crypto community is trying to get a sense of where its price could be by the end of the third month of 2023.

Solana [SOL] continued consolidating near local highs, showing buyers aren't exiting just yet. Despite last week's network outage, SOL didn't drop below the support; a retest could offer ideal buying opportunities.

Developers and validators of the Solana blockchain have decided to restart the network following a prolonged slowdown over the weekend that pushed the value of its native SOL token off the cliff and brought almost all the transactions to a halt.

The Solana blockchain is once again in the spotlight following a significant outage that lasted over 20 hours on Feb. 25. The blockchain has suffered a dozen outages in the last two years, and experts point to the design of the system as the main reason behind its performance issues.

Solana Foundation releases a report on hours-long network slowdown and technical problems that started on Saturday. The blockchain suffering yet another outage has caused immense angst in the community as a major issue happened during the upgrade from 1.13 to 1.14.

Key Points: Solana, the high-performance blockchain platform, experienced a mainnet beta outage that lasted for over an hour on February 25, 2023. During the incident, the network could not process transactions, and nodes could not communicate with one another.

The Solana Network faced a significant slowdown in block production after a planned upgrade, adversely impacting transactions and forcing validators to downgrade their software to restore performance.  The network freeze continued over the weekend as validators were preparing a second restart of the network.

ALSO: CoinDesk Chief Content Officer Michael Casey considers why the U.S. Securities and Exchange Commission has overreached in its recent actions against crypto entities, and that the crypto industry must improve its lobbying efforts; bitcoin's price rises.

Solana users were unable to conduct transactions on the network in the last few hours of press time. Preliminary reports revealed that this was a network-wide problem reportedly caused by a long-forking event.