Another major outrage: Avalanche chain stops producing blocks, AVAX price remains bullish.

After Solana, there is another major blockchain that has faced a lot of ire. Avalanche, a popular layer 1 network, appears to have stopped functioning as its chain has not produced a new block for more than two hours. However, developers are said to have quickly stepped in and are investigating the issue.

co-founder of Ava Labs, Kevin Seknicki, I think this issue may be related to the inscription wave that started just a few hours ago. However, he offered the following explanation:

“To be clear, this appears to be a gossip-related meme pool management bug. This is purely a code-related bug and not a performance issue. “Inscription appears to have hit an extreme case, but Inscription did not impact performance.”

Moreover, AVAX price was largely unaffected by these developments as it rebounded from lower support levels in the short term.

A few days ago, a sustained downward trend took AVAX price below the important support level of $38.56. Since then, the token has been trading within a descending triangle. However, the current trading setup indicates that the price could face continued weakness for some time, which could lead to it remaining consolidated within the triangle and reaching a peak. Stochastic RSI is currently bearish but has the potential for a bullish reversal.

Overall, the Avalanche network’s wrath does not appear to have affected the AVAX price, as no major changes have been recorded technically. Therefore, the price may continue to stay within the range and trigger a strong uptrend soon.