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July 24, 2024
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Another Major Outrage: Avalanche Chains Halt Block Production While AVAX Price Maintains Strength

The post Another Major Outrage: Avalanche Chains Halt Block Production While AVAX Price Maintains Strength appeared first on Coinpedia Fintech News

After Solana, here is another major blockchain that faced a major outrage. Avalanche, the popular layer-1 network, appears to have halted its function as the chain has not produced any new blocks for more than two hours. However, the developers quickly jumped in and are reportedly investigating the matter. 

The Ava Labs co-founder, Kevin Sekniqi, believes the issue could be related to the inscription wave, which was launched just a few hours ago. However, he then offered a clarification,

“Clarification on this: the issue seems to be a gossip-related memepool management bug, which is purely a code-related bug, and not an issue with performance handling. Inscription seems to have hit the edge case, but inscriptions did not affect performance,”

Besides, the AVAX price remained largely untouched with these advancements as the levels rebounded from the lower support in the short term. 

The AVAX price had dropped below the crucial support level of $38.56 amid extended bearish actions a couple of days ago. Since then, the token has been trading within a descending triangle. However, the current trade setup indicates the price may face continued bearish heat for a while, which may compel it to remain consolidated within the triangle and reach the apex. The stochastic RSI is currently bearish but holds the possibility of a bullish reversal. 

Collectively, the Avalanche network outrage does not appear to have an impact on the AVAX price, as no major variations have been recorded technically. Hence, the price may continue to hover within the range and trigger a strong upswing very soon. 

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