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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds
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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds

Solana Spikes 4% After Recent Recurring Glitches – A Little Shine For SOL?

Christian Encila
Christian Encila
3 years ago
2 mins read
Solana

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There has been some criticism about Solana since it was established in March of 2020. Through a thread he created, Cyber Capital founder Justin Bons exposed the network’s recent “anomalies.” and how it violated decentralization in the sense of DeFi.

The native token of the network had a bullish pullback despite the controversy. Given the fundamental nature of some of the conflicts in which the Solana network finds itself embroiled, this comes as something of a surprise.

Is this price drop a precursor to future gains?

Related Reading: Polygon Spikes 6.5% In Last 24 Hours As MATIC Investors See Bullish Momentum

The Barrier To Confusion

At the moment, Bons is the most outspoken Solana critic, having started multiple threads concerning the most recent network developments.

Solana has had many outages this year, the most recent being on October 1, according to his latest thread.

This is a serious issue for the network, since it might undermine trust in the project and its token among investors.

Solana

Chart: TradingView.com

An issue with a single validator on Solana’s blockchain led to the outage. As a result, the entire blockchain came to a halt, rendering all transactions suspended for a short time.

The management of Solana then utilized check-pointing to restart the entire cluster. In this way, they broke the decentralization of their ostensibly decentralized system.

Additionally, the developers are the target of the thread. According to the discussion, two network developers posed as 11 other network developers. These two developers then double-counted to increase the TVL figure.

Despite recent issues, SOL gained about 8% during the 3rd and 4th of October, before establishing a downtrend earlier today.

What Does This Imply About Solana?

As of this writing, SOL is trading at $33.35, up 4% in the last 24 hours.

Indicators also present a negative narrative. The bull and bear power indicator has maintained its downward trend, sending investors and traders strong sell indications. Similarly, stochastic RSI values follow this signal, indicating a strong sell sentiment among investors.

This could be a harbinger of worse to come for SOL. Today’s forming downtrend could be the beginning of the token’s free fall.

If things are to worsen significantly, the price should not fall below the 78.60 Fibonacci level, as any negative breach of this level will cause a further sell-off.

Related Reading: Celsius Investors May Be Left Dismayed As CEL Drops 6.5% In Last 7 Days

SOL total market cap at $11.8 billion on the daily chart | Featured image from Coinpedia, Chart: TradingView.com
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Christian Encila
Christian Encila

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Read more

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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Strict editorial policy that focuses on accuracy, relevance, and impartiality

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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