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Solana Witnesses Another DDoS Attack in 2022 Amid a Quiet Market Mood

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Solana Witnesses Another DDoS Attack in 2022 Amid a Quiet Market Mood

Solana (SOL) has reportedly experienced another DDoS attack in the early hours on Tuesday. However, the network appears to be running optimally and unaffected by the attack. Today’s DDoS attack makes it the third in the past few months.

According to prominent Chinese cryptocurrency journalist Colin ‘Blockchain’ Wu, the attacker leveraged spam to implement the distributed denial-of-service (DDoS) attack. While it suffered a brief outage, the network recovered fully within four hours.

A DDoS attack afflicts a Blockchain by overwhelming or clogging the network by distributing multiple requests on the target network’s resources and frustrates optimal operation on the blockchain network. Wu tweeted yesterday that:

“Solana went down again at two o’clock in the morning (UTC+8) on January 4th. According to users of the official Telegram community, the attacker is suspected of using spam to conduct a DDoS attack.”

While Solana is yet to release an official account confirming the event, this incident has occurred three times in the last six months. Also, several SOL users took to Twitter to assert that the network suffered a “huge slowdown” and not an outage. Members of the r/CryptoCurrency subreddit on Reddit also commented on the event, claiming that the “vulnerability of the system” is a “death knell for serious traders.” The Reddit post read that:

“Blaming it on attackers is just dishonesty. A well-designed blockchain is not supposed to have attackers, it is supposed to keep producing blocks based on the parameters of the network, not take a break because someone spammed transactions.”

Key Solana Levels to Watch — January 5

SOL continues to trade on a downbeat bias, along with most of the crypto industry, as it breaches the lower-end of the critical $180.00 – $170.00 pivot zone. However, the price has remained firm above the $167.00 amid the bearish pressure, indicating that this support line is the level to watch in the near term.

SOLUSD – 4-Hour Chart on FTX. Source: TradingView

Moving on, I expect to see the fifth-largest cryptocurrency persist in its sideways bias between $170.00 and $167.00, except we record a breakout along either of those lines—which would naturally push the price along that direction for the medium term.

Meanwhile, my resistance levels are $170, $175, and $180, and my support levels are $167, $160, and $155.

Total Market Capitalization: $2.25 trillion

Solana Market Capitalization: $52.6 billion

Solana Dominance: 2.34%

Market Rank: #5


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