Solana price prediction for May 2022: Worrying pattern forms

Solana value held regular on Monday morning even because the community’s outage challenges continued. The SOL token is buying and selling at $90.50, which is about 11% above the bottom degree in April. Its market capitalization stays at over $30 billion, making it one of many greatest cryptocurrencies on the earth.

Solana suffers one other outage

Solana value did properly through the weekend as traders reacted to the newest outage within the community. Through the weekend, the community suffered a seven-hour outage because the variety of bots within the community rose. In accordance with studies, these bots have been making an attempt to mint NFTs within the community. 

The particular NFT that was being attacked was Sweet Machine. The rising variety of these bots induced the mainnet to fall out of consensus and crash as nodes collapsed underneath the load. 

Through the bot assault, visitors to the community soared to over 4 million transactions per second. In regular instances, Solana is ready to deal with lower than 3,000 transactions per second.

Solana has seen different outages prior to now. For instance, in January, it suffered an 18-hour outage. And in 2021, it suffered a number of multi-day outages, resulting in important disruptions within the community. 

The rising outages within the community have had a damaging impression on Solana’s community prior to now few months. For one, the whole worth locked (TVL) within the community has dropped by 24% prior to now month. 

Nevertheless, there have been some positives. For instance, Solana was within the highlight in April as the worth of Stepn’s GMT continued leaping. It’s now price over $2 billion, making it the most important move-to-earn cryptocurrency on the earth. As such, Solana is positioning itself to be a serious participant within the Internet 3.0 business. 

Solana value prediction

The SOL value has been in a bearish pattern prior to now few weeks. The present value has moved under the April excessive of $144. The value is approaching the vital assist degree at $76.72, the place it has struggled to maneuver under this 12 months. The coin has additionally dropped under the 25-day and 50-day shifting averages whereas the MACD has moved under the impartial degree.

A better look additionally reveals that the Solana value has shaped a head and shoulders sample. Subsequently, there’s a probability that the coin could have a serious bearish breakout in Could. This view will probably be invalidated if the coin strikes under $76.72.