SOL is down by greater than 10% in the present day

The cryptocurrency market has carried out poorly for the second consecutive day this week.

The cryptocurrency market has underperformed over the previous 24 hours. The market has misplaced practically 5% of its worth throughout that interval, with the whole market cap now under $1.3 trillion.

Bitcoin maintains its value above $30k regardless of dropping 4.5% of its worth within the final 24 hours. Ether is buying and selling under $1,900 as soon as once more, down by 7% over the previous few hours.

SOL, the native token of the Solana ecosystem, is the worst performer amongst the highest 10 cryptocurrencies by market cap in the present day. SOL is down by 10% over the past 24 hours.

SOL has been underperforming for the reason that Solana community was halted yesterday. Solana’s validators weren’t in a position to course of new blocks for the final 5 hours, inflicting a complete shutdown of all Solana purposes.

Block manufacturing on Solana Mainnet Beta has halted. Validator operators ought to put together for a restart in mb-validators on Discord. https://t.co/gRJJRqEMPn

— Solana Standing (@SolanaStatus) June 1, 2022

The downtime was brought on by a bug that affected how the Solana blockchain processes a distinct segment kind of transaction that’s designed for offline use instances. The Solana community has recorded a number of outages over the previous yr. 

Key ranges to observe

The SOL/USD 4-hour chart is bearish as Solana has been underperforming over the previous few days. The technical indicators present that Solana is at present in bearish momentum.

The MACD line is under the impartial zone, indicating unfavorable efficiency. The 14-day RSI of 38 reveals that Solana is at present oversold. 

At press time, SOL is buying and selling at $40.9 per coin. If the bearish sentiment thickens, SOL might drop under the primary main resistance degree at $37 earlier than the top of the day.

An prolonged unfavorable efficiency might see Solana commerce under the $35 mark for the primary time this yr.