SOL’s Trace Would possibly perhaps Tumble In Next 24 Hours Following One other Outage

• Santiment tweeted that the FUD surrounding SOL is at a 6-month high.
• This FUD follows a 20-hour length of no longer a single transaction being processed.
• SOL’s heed has already dropped more than 3% for the duration of the final 24 hours.

Santiment (@santimentfeed), the blockchain analytics firm, tweeted this morning that Solana (SOL) is a trending topic within the crypto build linked to phrases devour direct. The reason for this, in line with the tweet, is because SOL went 20 consecutive hours with out a single profitable transaction.

#Solana is a trending topic in #crypto with linked phrases devour #direct. Why? Over the weekend, $SOL went 20 consecutive hours with out a single profitable transaction. Outages devour these dangle historically induced momentary #FUD from distress sellers. https://t.co/PQ7Iadxe0O pic.twitter.com/Gmio62mwBh— Santiment (@santimentfeed) February 28, 2023

The tweet added that SOL network outages devour this dangle historically induced momentary FUD from distress sellers. This appears to be like to be factual for this most contemporary outage as social project relating to SOL FUD has reached a 6-month high.

The FUD appears to dangle kicked in for SOL’s heed on condition that CoinMarketCap displays that the altcoin’s heed has dropped 3.11% for the duration of the final 24 hours. This 24-hour drop has added to SOL’s double-digit adverse weekly performance which now stands at -14.81%. As a consequence, SOL is trading at $22.20 at press time.

SOL’s heed has also weakened towards the two crypto market leaders, Bitcoin (BTC) and Ethereum (ETH), by 2.52% and a pair of.36% respectively for the duration of the final 24 hours.

On a standard foundation chart for SOL/USDT (Source: TradingView)

The price of SOL is at the moment resting on the main day-to-day beef up degree at spherical $22.14 after its are trying and ruin above the 9-day and 20-day EMA lines the day previous to this turned into once rejected.

There could be a sturdy adverse pattern line present on SOL’s chart which skill that that there is a surplus of promote stress compared to the current buy beef up for the altcoin.

Furthermore, the 9-day EMA line is on the verge of crossing below the 20-day EMA line and the day-to-day RSI line is sloped negatively towards the oversold territory. These bearish technical flags label that SOL’s heed will proceed to drop within the next 24 hours.

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