The Solana SOL/USD network has experienced 12 outages in the past year. As a result of this, Solana’s price has experienced extreme volatility. Solana is currently trading at $36.44, down from its all-time high of $260.06.
Solana rose exponentially during early 2021. Its blockchain promised 65,000 transactions/second, endeavoring to support an array of smart contracts, DeFi, and dApps (decentralized applications).
Looking to compete with Ethereum ETH/USD, Solana offered a much higher rate of transactions and much lower gas fees. As a result, it grew to create a thriving NFT market.
However, over the past year, Solana has had a large number of network outages. One of its most recent outages occurred on June 6, causing the network to shut down for over four hours.
These outages implicate numerous problems for Solana users. In the aforementioned recent outage, there was a backlog of 975 million transactions that did not go through.
Thus, as a result of the multiple network outages and macroeconomic climate, inducing an overall falling crypto market, Solana is down 85% from its all-time high.
One year ago today, Solana was trading at $33.87, prior to the boom of its blockchain in the world of NFTs and Web3.0. Thus, $1,000 of Solana bought a year ago today would be worth $1,074.98.
As uncertain and turbulent market conditions continue, investors must proceed with caution, especially with newer cryptocurrencies.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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