The Blockchain Solana experienced an outage again and this time it was quite severe. Indeed, since its launch in 2020, the Solana network has been a little too often the victim of technical breakdowns. This time, the crypto community has made its displeasure clear. On Twitter, Reddit and other social networks, you can read many mocking messages.
Is Blockchain Solana still an “Ethereum killer”?
Solana often presents itself as a serious alternative to the Blockchain Ethereum. But with so many malfunctions recorded in recent times, can it really play this role? The question arose in the heavy criticism of Blockchain Solana. According to investingother players in the crypto industry were even wondering how Solana can still be in the 10 of cryptocurrencies.
The problems encountered were caused by a new blockchain upgrade. Indeed, this update sent the Blockchain into “vote only” mode. We learned this from Austin Federa, head of strategy and communications at the Solana Foundation.
The consequences of this breakdown for the SOL
The network outage negatively impacted the price of SOL, the Solana Blockchain utility token. According to CoinMarketCap, its price lost 4% of its value and went down to $22.67. Within 24 hours, the transaction volume on the network also dropped to $500 million in SOL. However, the Solana Blockchain remains strong overall. It has now resumed normal operation. Several observers continue to think that it has plenty to compete with Ethereum. The very low transaction fees and the speed of these transactions being its best assets.
Solana had already been greatly impacted when his image was associated with FTX, the fallen crypto exchange that continues to make headlines. The price of SOL had even reached a worrying low of $10 in January. Could it be that going up, the SOL is pointing the way to a new bull market?
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