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


thenewscrypto.com 24 January 2022 07:02, UTC
Reading time: ~2 m

  • 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.

1/ Solana mainnet beta is experiencing high levels of network congestion. This is related to issues previously identified that engineers have been working to improve and resolve, starting with the 1.8 release.

— Solana Status (@SolanaStatus) January 22, 2022

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.

Another day, another 48 hour #Solana outage.

This is like the sixth time this has happened in 3 months.

I have zero faith in it now. It is the new EOS.

The fight is now between ETH, BSC, Fantom, Avalanche and Terra.

— Mark Jeffrey ⚡️🚀 (@markjeffrey) January 23, 2022

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.

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