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According to this pattern, SOL will reach $ 250

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SOL outage

Solana supports its first tier blockchain solutions as a direct competitor of ETH. This is mainly due to its potential to deliver higher speeds and lower transaction costs than the world’s leading smart contracts platform.

However, on September 14 Solana suffered a service interruption, with its network flooded by an increase in transaction load – up to 400,000 transactions per second. As a result, the Solana mainnet beta was unstable for 18 hours. This made decentralized applications (dApps) unusable.

In a September 16 issue, Solana promised to take more practical action against potential hacking attempts.

Bull flag

Despite the price correction, Solana is expected will restore its upward dynamics because it depicts a classic bull pattern.

A pattern called the “bull flag” is created when the price consolidates in the descending channel (flag) after a strong upward movement. The price will eventually break above the upper trend line of the channel, usually rising to the level of previous growth.

SOL / USD 4H.  Source: TradingView

 

SOL / USD 4H. Source: TradingView

The recent Solana pric led to the creation of a similar flag pattern. As a result, its another attempt at breaking above the upper trend line The channel could lead to its price being as high as the previous trend, which is around $ 107. As a result, SOL / USD could reach $ 250.

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All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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