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The Solana price plunged almost 4% over the past 24 hours to trade at $94.65 as of 9:50 am EST amid panic selling of the Layer-2 crypto.
Solana Network Down Again
Engineers from across the ecosystem are investigating an outage on mainnet-beta. This thread will be updated as more information becomes available https://t.co/rfeioQ6BG9
— Solana Status (@SolanaStatus) February 6, 2024
The Solana outage began several hours ago, it confirmed. A recent X post by the project’s team revealed that engineers and validators from across the network are investigating the issue. A validator update for the Solana outage seems to be available already, and validators are required to update and restart their nodes following these instructions.
Solana Price On The Verge Of Losing Another Support
4-hour chart for SOL/USDT (Source: TradingView)
The Solana price dropped below the $100 support level in the last couple of days. Since falling below this mark, the altcoin has printed a series of lower lows and lower highs. This has resulted in the formation of a negative price channel on its 4-hour chart. Should this bearish momentum continue, SOL may soon lose the support of the $93.10 price point as well. This could then open up the risk of it correcting towards the $85.85 level in the short term.
SOL overcoming the upper boundary of the negative price channel within the next 12 hours may invalidate the bearish thesis. In this alternative scenario, the Solana price could look to reclaim the $100 support. A 4-hour candle close above this threshold may then be identified as a long entry for traders. As a result, the altcoin may continue ascending towards the subsequent resistance level at $110 in the following few days.
Solana Price Could Continue To Drop In The Next 24 Hours
Technical indicators on SOL’s 4-hour chart suggest the Solana price may drop in the next 24 hours. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) indicators are flagging bearish.
The MACD line is falling below the MACD Signal line, which could be a sign that SOL’s bearish trend shows no signs of slowing down. In addition to this, the RSI line is breaking away below its Simple Moving Average (SMA) line. Traders may identify this as an indicator that sellers are growing stronger against buyers. Bears may therefore find it easier to pull the Solana price down in the upcoming days than it will be for bulls to keep it elevated during the same period.
Investors spooked by the latest Solana outage may redirect their capital to Ethereum-hosted applications. Meme Kombat, which is an innovative meme GameFi project built on Ethereum, could be one of the main beneficiaries of this potential shift in capital.
A Potential 100X Opportunity
Popular memes such as Milady, Baby Doge, Doge, Floki, Kishu, Mong, Pepe, Pepe2, Shiba, Sponge and Wojak will soon battle it out in the Meme Kombat ecosystem.
Players from across the globe will be able to place bets on the outcomes of these battles for the opportunity to earn rewards. In addition to these regularly-scheduled face offs, there will also be more-hyped battles, which will come with more lucrative rewards.
We did it memers!
The $8 million milestone has been smashed🥊 pic.twitter.com/QZMpfjHSgv
— Meme Kombat (@Meme_Kombat) February 2, 2024
Meme Kombat is poised to soar shortly after its launch. While tapping into the expanding blockchain gaming sector, the project also appeals to the vibrant meme coin community. Investors are clearly aware of the project’s potential to print 100X returns in the near future, as shown by its presale now surpassing $8.2 million.
More Than A Speculative Opportunity
Meme Kombat not only has the potential to achieve 100X growth, it currently offers its presale investors an extremely attractive Annual Percentage Yield (APY) of 113% as well. Tokens purchased during the presale phase will automatically be staked for investors, allowing them to reap a twofold return on their investments.
Anyone looking to buy into the meme coin at this early stage can purchase Meme Kombat’s token, MK, through the project’s official website. Currently selling for $0.279, MK can be bought using either ether (ETH), Tether (USDT) or Binance Coin (BNB).
MK can be purchased here.
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