Solana Trades Up 10.3%, But Network Issues Raise Concerns

Solana (SOL), traded 15.7% higher and led gains earlier when the crypto market began to see the green area, recovering from the drop in total value to $2,1 Trillion, now at $22,2 Trillion, which is a 5% rise over 24 hours.

As several altcoins from the top 100 savor the upswing, it’s a polarized day for Solana’s popularity as the network saw major congestion issues that might put down price expectations for 2022.

SOL’s two-month low was $150. However, losses in the past 24hrs have been reversed. Digital coin rose as high as $188. This is a 15.7% daily increase. Solana’s market cap value grew from  $51.17 billion to $56.76 billion during the period (adding $5.59 billion).

Solana
Source: SOLOUSD on TradingView.com| Source: SOLUSD on TradingView.com

Solana won the competition for top five cryptocurrencies according to market capital, while Ethereum gained around 4%. Cardano gained 3% while Avalanche increased 15% over the past 24 hours, after Avalanche announced native support USD Coin (USDC) and soared above the $100 mark.

Solana Could Become The Next Bitcoin, According To FTX’s Sam Bankman-Fried

 

Solana: The Cool Kid on the Block

Solana
Taken starting at Twitter

As Solana grows in popularity surrounded by mainstream projects, crypto users at CoinMarketCap shared positive estimates of the median price for the end of the year: 20,490 people think SOL will be closing the year trading around $185. The community predicts a downturn starting in 2022 at $171 and dropping to $168 by February. They are wondering:

Solana

Following is concerned that the coolest kid on the block is experiencing problems at home. There were more problems with the network’s technical side, including a lot of failed transactions. This is more than 40% of total volume.Solana

Many investors and developers expressed doubt and frustration via social media. Some see the glitchy scenario as a sign to step back as it does not provide trust and also fails to meet with the blockchain’s promise of high efficiency.

| How Solana Was Brought Down By This dApp Launch

Solana is not the only one with troubled times. In September, the first was a 17-hour outage that caused the network to go down. Also, the September 17-hour network outage was followed by a December 9th distributed denial of service attack (DDoS) that reportedly caused delays in transactions.

Clarity wasn’t the top priority at the time. First tweet to mention DDoS was deleted. Next, GenesysGo (infrastructure firm) was mentioned. reported the issue but claimed it was due to “growing pains”. And on December 13th, a Solana-based NFT debut (SolChicks) announced that “CHICKS HAVE TAKEN DOWN SOLANA.”:

Although we apologize for any inconvenience caused by this delay, tens to thousands of customers are trying to make their purchase. $CHICKSRaydium has stopped responding to requests. SolScan seems to not be loading the contract address currently.

However, Solana’s price has not seen investors fear since the last failure of transactions happened –at least not beyond the low prediction from the CoinMarketCap community. Do the stories outweigh the hype?

Solana’s rise has been aided by big investors (Sam Bankman-Fried and Andreessen Horowitz), and many projects that have big names in NFT and gaming. If the blockchain’s transactions are not fast enough sometimes, their marketing is.

Basketball legend Michael Jordan recently announced a platform called HEIR for athletes, which is based upon Solana. This mainstream event was believed to carry SOL’s price up. Is this enough to ensure the success of blockchain in the future?

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