Overview
Avalanche, a prominent layer-one blockchain network, is facing a significant outage. The outage has persisted for more than four hours on Friday (23/02). Avalanche halted block additions at 11:13 UTC. According to the Avalanche status page, block finalization on the primary network resumed at 16:36 UTC after validators updated their node software to the patched version. The network’s native token (AVAX) dropped 3% since the outage occurred.
Avalanche's native token, AVAX, has lagged behind the broader crypto market in the past week, leading up to its token unlocking event. Approximately $365 million worth of previously locked-up tokens were released on Thursday (22/02) due to vesting, adding them to circulation.
Bitcoin Price Analysis
Bitcoin (BTC), the primary cryptocurrency, has maintained a sideways trend for nearly two weeks, oscillating within the $50,800 to $52,500 range. This phase of consolidation indicating indecision and uncertainty among traders and investors.
If BTC manages to break out from its resistance area $53.000, it will continue its upward movement towards its weekly resistance at $60.000, However, if the price fails to hold above the support area of $50,500 the BTC price will correct towards $49,000.
Ethereum Price Analysis
After a correction down to $2,764 on 18 February, the price of Ethereum resumed its upward trend by breaking price at $3.000. Ethereum (ETH) is on a bullish streak outperforming Bitcoin, smashing through the $3,100 barrier for the first time in 2024. Maintaining a position above $3,000 sets the stage for a possible challenge of the next significant resistance barrier at $3,300 in the upcoming week. But if the Ethereum price fails to continue its upward trend, there might be a slight correction towards $2,900 on the daily chart.
Solana Price Analysis
Solana (SOL) has exhibited bullish momentum over the last month, indicating optimism from the trader. However, the cryptocurrency experienced a notable decline in the previous week from 19 February until 23 February, dropping below the $105 support level. As of the most recent update, Solana is trading at $104.
If the decline in Solana's price fails to break above the $105 level, Solana may remain within the downward trend. However, if the price manages to break above the $105 level, there is a tendency for the price to move up to the $112 resistance level.
Disclaimer
This material is for general information and is not investment advice, a recommendation, or solicitation to buy and sell any cryptocurrencies, digital assets, securities or derivative instruments, or to make any investments. Mobee is under no obligation to update this report based on information and events that occurred after this report was created and published. Any suggestions or recommendations in this report may not be appropriate for certain users.
