BlocksInform
Author Oluwapelumi Adejumo
Oluwapelumi is a believer in the transformative power Bitcoin and Blockchain industry holds. They want to share their knowledge and thoughts. When he does not write, he looks for new people and experiences.
The current trading price for SOL is approximately $85. That is nowhere near its historic high of more than $200.
(SOL) in the last few days was a victim of a price dip that has caused an uprising among traders. The situation arose as a result of a network failure that affected the blockchain for nearly 48 hours.
The proclaimed "ethereal killer" was the place of choice for traders looking to shoot at the speed of protocol, scalability, and a cost-effective transaction fee to do their business in the crypto space. But with another blackout recorded in the past 30 days, the network has attracted the wrath of the crypto community that has begun to question its effectiveness.
According to the available information, the 48-hour interruption resulted in a costly and far-reaching loss to her community. This has made Jim Greco, a former KCG CEO and market structure expert. m tweet that the latest "merger makes it difficult to trust Solana."
The blackout started last Friday, during the peak period of the decline in the crypto market that affected asset prices in the industry. This decline resulted in the market losing more than $200 million.
The outage resulted in investors’ inability to use the blockchain for their transactions and it led to the liquidation of some users who were using DApps on its ecosystem for their operations.
While the network has since been able to fix the problem and the blockchain has now returned online, The evidence available from coinmarketcap shows that the soil, the network's native token, currently trading for under $85. This is far from its historic record of over $200.
It also shows that the asset was one of the most affected by the market crash, as it lost more than 50% of its MBS today.
Can Solana (SOL) be competitive with its competitors?
With repeated cases of blockchain failures, skeptics and critics are wondering if the ethereum killer can resist the heat of returning ethereum.
Already the number of its rivals like Avalanche, Terra and even Fantom have witnessed increased usage and adoption by the public due to their ability.
The available data show that the fantom network has recently switched smart chain BINANCE to become the third largest crypto chain, indicating that users are looking for other options away from solana.
However, the Solana team urged traders and developers to be assured of "more enhancements (which are) planned for deployment within the next 8-12 weeks. Many of these features are now available on Testnet for rigorous testing."
