Solana CEO Explains 20-Hour Outrage & SOL Drops 15% Weekly

The cryptocurrency Solana (SOL) witnessed a significant decrease of 15.9% on March 19, resulting in its price hitting a five-day low of $166. This decline followed a week where Solana (SOL) price drops 15% weekly below $120, breaking key support. Find out why SOL is struggling and what the Solana CEO has to say about the recent network outage.

What Caused the Solana Price Drop?

Solana (SOL) prices experienced a significant decline of 15% throughout this week due to substantial whale offloading behavior leading to increased selling pressure. Technical analysis points to several factors contributing to the price decrease, including Solana drops 15% to $119, breaking key support levels. Our in-depth analysis covers these technicals, examines the weak ETF performance, and looks at the potential impact of the new Policy Institute forming in Washington.

The 20-Hour Solana Network Outage: CEO Responds

The Solana network emerged as the talk of the town following an outage during the weekend. The excessive number of validator messages and its on-chain voting system, which clogged its network, are believed to be contributing factors. The Solana CEO has addressed the community, explaining the root cause of the 20-hour outrage and outlining steps being taken to prevent future incidents. Read on for the full explanation.

While Solana’s price has been on a downward trend, the long-term viability of the project remains a topic of debate. Is this a buying opportunity or a sign of further decline? We delve into the details to help you make informed decisions.