Solana – Long or short? Here’s the position SOL traders are taking

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    The devnet remained offline for nearly a day.
    SOL dropped 1.63% in the 24-hour period with sentiment still remaining negative.

The Solana Foundation announced that the devnet, which is Solana’s development network, has been successfully restarted and is now functioning normally again.

On the early morning of April 19th, around midnight Utcs time, there was an unexpected shutdown in the Solana development environment. The team worked diligently to resolve the issue and intended to restart the devnet at 6 PM UTC that same day. Unfortunately, an error arose during the restart process, causing the downtime to persist longer than anticipated. Eventually, the devnet became operational again around 6 AM UTC on April 20th.

Using the Solana Explorer, AMBCrypto confirmed the announcement’s authenticity. Transactions are now being processed and verified on the devnet, as evidenced by their appearance in the explorer.

Solana gets disrupted again

The problem didn’t affect the Solana mainnet or testnet, but it did contribute to another instance of network disruptions on Solana, which has become notoriously known for this. Notably, the mainnet experienced an outage lasting almost five hours in early February.

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Further, the network has been experiencing difficulties with traffic overload recently due to an influx of memecoin transactions. Rex St.John, a senior developer at Anza, a Solana-centric development studio, unveiled version v1.18 as a solution. This update is currently available on the testnet and will be implemented on the main network in due course.

Sentiment for SOL remains bearish

Currently, as I type this, CoinMarketCap reports that SOL has decreased by 1.8% within the past 24 hours. Pessimistic rumors (FUD) about ongoing network issues could be a potential cause for this decline. These concerns have intensified since the Bitcoin halving event instilled widespread market enthusiasm.

On April 19th, there was a slight increase in mentions of the altcoin on popular crypto platforms as indicated by AMBCrypto’s assessment of Santiment information. However, most of the discussions were critical, as shown by the negative sentiment score.

Read moreBitcoin halving could be a ‘sell-the-news’ event, at least for a few months

Read SOL’s Price Prediction 2024-25

An uncertainty factor, or FUD, affected SOL‘s derivatives market recently. The number of long positions holding the coin significantly decreased compared to short positions. This trend suggests that traders anticipate prices to either stay low or decline further in the near future.

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2024-04-20 21:11