By Nathan Ferguson
Solana price saw upside movements today following underperformances during the previous sessions as the network resolved network outage issues. While publishing this content, Solana traded at $41, gaining 4% within the past day (CoinGecko data). That came as other cryptos recorded an impressive leg up early on Friday.
The SOL network is up and operating following a software glitch that accompanied an over 4hr outage. The latest was one of the shutdowns the network witnessed within a year. In January, the crypto network encountered service problems and blackouts that lasted for about 18 hours, frustrating digital asset investors as they watched portfolios plunging while powerless to withdraw tokens.
Solana tweeted to confirm that the platform and funds were safe. Though Solana’s rise towards the top crypto-list was rapid, the project has seen outages that hampered its growth during the recent months. On the other side, SOL’s price declined for a 3rd consecutive day yesterday, plunging towards the $38.67 lows. That had it underperforming before recovering and rebounding within the past 24 hours.
Solana is a top-notch open-source crypto project that leverages the blockchain’s permissionless status to offer DeFi solutions. Solana is one of the top ten cryptos by market capitalization (CoinGecko data). Nevertheless, the altcoin trades at a massive discount from its November 2021 record high at $259.
Solana is a multi-purpose network like Ethereum. It boasts different functionalities, allowing developers to write apps with Rust rather than Vyper or Solidity. End-user apps within the Solana network include non-fungible tokens and decentralized finance marketplaces, games, and e-commerce.
Nevertheless, Solana’s latest dip had the alternative of massive losses as it erased gains recorded over the past 15 months. Its market capitalization plunged beneath $13.5 billion. On the other side, volume surged by 38% within the past 24 hours to hit $1.68 billion.
Solana earned the ‘Ethereum Killer’ name due to its massive transaction speed and lower charges. The features had investors switching from the Ethereum blockchain to Solana. Nevertheless, frequent network outages in 2022 have dented sentiments towards SOL.
What are your opinions about Solana’s network’s frequent outages? Feel free to comment in the section below.