Solana price forecast: how will the DDoS attack impact the value of the SOL token?

Solana SOL/USD is a decentralized blockchain that is built to enable capable as well as user-friendly applications. 

SOL is the native cryptocurrency token, and Solana uses Proof-of-Stake (PoS). 

The DDoS attack to impact the price in some way

On December 1, we discussed how Grayscale launched the Grayscale Solana Trust after SOL’s yearly gains surpassed 10,000%.

This latest DDoS attack showcased the power of the Solana blockchain.

Specifically, the infrastructure firm that focuses on Solana, known as GenesysGo, reported on the matter, where they stated that the validator network was experiencing issues with processing transaction requests. 

However, they stated that this is a blockchain network, so nothing is lost, just pending, and a part of growing pains.

The Solana Foundation has not yet publicly and officially confirmed any attacks; however, Status.Solana shows that the network has not suffered any outages and is fully operational.

However, there were multiple accounts on Twitter that asserted that Solana suffered a global outage, even Verbit’s CEO, Roy Murphy, stated that “Solana crashed again and is currently offline.”

There are currently no comments from the Solana team of developers surrounding this issue, but it can impact the price of the SOL token, so let us figure out what we can expect going forward and if it is the right time to buy SOL.

Should you buy Solana (SOL)? 

On December 10, Solana (SOL) had a value of $177.37.

To see what this value point means for the Solana token, we will go over the all-time high value as well as the performance of the token in November.

In terms of the all-time high value of Solana (SOL), it achieved $259.96 on November 6. Here, we can see that the SOL token was $82.59 higher in value or by 46%.

On November 7, the token had its highest value point of the month at $258.93.

Its lowest value point was on November 28, when the token fell to a value of $185.64.

Here, we can see that the token decreased in value by $73.29 or by 28%.

With all of this in mind, if the SOL token breaks the $180 barrier, it could reach $185 by the end of December, making it a solid buy, assuming the developers and the Solana Foundation give out a statement that everything is okay.

If the token drops under $170 in value as a result of this attack, then it might be worth reconsidering.