Solana blockchain was quickly promoted as the fastest blockchain with the capability to complete many transactions. What was once considered a huge rival to ETH’s ecosystem has now faced multiple bug issues. The reason for this issue could be variable, but the fact that Solana faces 4.5 hours of outage because of a bug issue raises many questions about its potential to overcome the bug and bots issues.
Despite its novel Proof of Validations and large validator contributors, Solana witnessed a fraction of transactions compared to ETH. Bug issues are the reason behind the system restarts, and such instances would be a severe blow to the NFTs and dApps working on Solana’s blockchain. Despite its extremely low transaction fees, constant outages can push its users towards other prospective blockchains.
Despite all these negative aspects, Solana still maintains its 9th position with a market capitalization of $12,976,367,115 and a circulating supply of 339,807,513.98 SOL tokens.
Quick to rise and quick to fall, this phrase fits the SOL price trend perfectly. Solana rose to $260 in November 2021 but lost significant value within the next six months.
This negative trend is still ongoing, and unlike other cryptocurrencies, SOL shows no signs of retracement or consolidation. Read Solana price prediction to know if it is time to hold SOL tokens or lose them.
SOL is currently trading near the immediate support or buying level created during the crashing double-digit profit booking on May 12, 2022. Solana showcased a small push by enthusiastic buyers who took advantage of this dip.
SOL recovered slightly from $35 to $59. This movement brought some hopes, but the continued crash of the Solana blockchain has shaken investors who are now maintaining some distance from this blockchain in the immediate run. RSI, in the meantime, has dipped while prices tumbled significantly.
Solana has time and again proven its capability by adding new milestones in terms of transaction time and the number of transactions per second. Complementing the trend, SOL can only move towards the positive axis after the issues behind its crashes are cleared.
Since SOL is in the beta phase, there could be explosive performance in the coming years. SOL should be taken as a value buy for the long term to ensure that one doesn’t lose out on possible gains.
Decentralized blockchains are expected not to require a frequent support system, and similar issues were never raised by Bitcoin & Dogecoin blockchains. Hence one should consider Solana (SOL) as a positive crypto-only after resolving the bug issues.