Solana Suffers Second DDoS Attack Amid Plummeting Prices
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Solana (SOL) catapulted itself to the top 5 cryptocurrency rankings this year thanks to its uniquely functional blockchain, which provided a solid alternative to Ethereum’s decentralized finance (DeFi) solutions.
That said, with its meteoric rise came increased adoption and use by users seeking better alternatives to Ethereum. However, Solana has continued to have trouble efficiently managing its blistering ecosystem.
The network recently fell victim to its second DDoS attack, which compromised its efficiency. In this kind of attack, hackers deploy a botnet to send multiple transaction requests to the target’s IP address, which causes the network to become overwhelmed and perform inefficiently.
Yesterday, Solana network users began experiencing difficulty carrying out transactions on the network and network congestion—an unusual occurrence in the high-speed blockchain.
Normally, the SOL network can process over 2,000 transactions per second (TPS). However, yesterday, it could only handle below 500 transactions due to the DDoS attack. Regardless, the network did not go offline, although users had to wait for long periods to facilitate transactions.
Reports show that Solana’s woes began following the 1.6.25 Mainnet Upgrade. Before the first DDoS attack in mid-September, which shut down the network for 17 hours, the network had experienced similar issues.
That said, the Solana Foundation needs to implement swift remedies to the recurring network issues to prevent permanently stunting the growth of its ecosystem.
Key Solana Levels to Watch — December 10
Despite recording some healthy gains over the week—following the recent flash crash—bears sent SOL back to square one as it refreshes its multi-month low at the $170 line.
The fifth-largest cryptocurrency now trades within a dangerous pivot level for bulls, as a fall below the $170 support could open the floodgates for bears to ravage the market into the new year. That said, bulls need to do the impossible and hold the price above the $170 mark in the coming days to facilitate a rebound above the $190 resistance. This bearish sentiment intensifies amid ongoing regulatory talks over the crypto industry.
Meanwhile, my resistance levels are $180, $190, and $200, and my support levels are $170, $160, and $150.
Total Market Capitalization: $2.21 trillion
Solana Market Capitalization: $52.8 billion
Solana Dominance: 2.38%
Market Rank: #5
