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.


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