Solana (SOL) Price Free Falls as Network Outage Haunts Again!

Solana (SOL) Price Fumbles After Brief Bullish Rally
  • XRP has overtaken Solana in market value as per CoinMarketCap.
  • Solana has now seen six outages in the last three months.

Solana (SOL), often dubbed as the Ethereum killer, is a Proof-of-Stake and Proof-of-History platform. Solana’s success may be attributed to the NFT market. XRP has overtaken Solana in market value, according to the cryptocurrency ranking website CoinMarketCap, and is now in the seventh position. Both of the above crypto are valued at $28.9 billion and $27.5 billion, respectively.

SOL/USDT: Source: TradingView

Due to market turmoil over the weekend, Solana, which has been marketed as a Wall Street-friendly blockchain for high-speed processing transactions, was once again unreliable. There were jokes about turning the network off and on, pointing out the blockchain’s inadequate decentralization.

Frustrated Investors and Traders

The third DDoS assault in less than six months, following a significant network outage near the end of 2021. Solana went out for four hours on January 4, according to reports. Last weekend, the Solana blockchain was plagued by network instability that lasted for 48 hours, frustrating investors and traders. It was announced on Saturday, January 22, as engineers had posted on the Solana website.

The engineers wrote:

“Solana mainnet beta is experiencing high levels of network congestion. The last 24 hours have shown these systems need to be improved to meet the demands of users and support the more complex transactions now standard on the network.”

Solana has now seen six outages in the last three months. As with the once-dominant blockchain project EOS, which sank into oblivion in 2018, American entrepreneur Mark Jeffrey has expressed his “zero trust” in the ambitious project.

According to CoinMarketCap, the Solana price today is $87.40 USD with a 24-hour trading volume of $2,949,538,255 USD. Solana has been down 14.94% in the last 24 hours.

A diploma graduate who is passionate about digital currency and loves writing. He loves the concept of crypto and keeps himself up to date with the latest development and news of the crypto world.