Solana, the 16th largest cryptocurrency by market capitalization, is currently in the midst of a significant crash, with its native token (SOL) losing over 17% of its value in the last 24 hours. The crash appears to be largely attributable to a series of recent incidents involving Solana-based crypto wallets, such as Phantom and Slope. As reported by Business Today on Wednesday, over $7 million have been stolen from Solana-based non-custodial crypto wallets recently. This has led to a exodus of users from the Solana ecosystem, causing the value of SOL to plummet. It remains to be seen whether Solana will be able to recover from this setback, but it is clear that the platform is facing some serious challenges at the moment.
Why is Solana network down?
September 2021 and January 2022 saw major slowdowns on the network due to resource exhaustion and an influx of high compute transactions, respectively. In both cases, the network was unable to keep up with demand, resulting in delays and disruptions for users. While the root cause of each outage was different, the end result was the same: a frustrated user base and a loss of confidence in the network. The good news is that the team has been working hard to improve the infrastructure and make the network more resilient. With any luck, these outages will be a thing of the past and users will be able to enjoy a smooth experience on the network.
Now that we answered; why is solana down today. Let’s delve into more. The internet has a lot of information and it can be tough to know where to start and which sources to learn from. Read on to learn more and become an expert in your field.
Is Solana having issues today?
No incidents reported today.
What is happening to Solana today?
Solana is on the rise this week.
The price declined by 5.48% in the last 24 hours. In just the past hour, the price shrunk by 0.49%. Recent prices was $44.45 per SOL. Solana is 82.91% below the all time high of $260.06.
Why is Solana price crashing?
Part of the reason why the Solana price is crashing today is definitely the massive selling by the whales. As marketcap quickly falls, they are able to sell their coins at a higher price before others realize what’s happening. This is evident from the fast-dropping marketcap, which has, in turn, crashed the price of the Solana coin. If you were holding out for a rebound, now might not be the time to buy. The whales are still in control and it doesn’t look like they’re ready to let go just yet.
Will Solana recover?
It is widely expected that Solana will make a strong recovery in the wake of the current market downturn. As one of the most resilient cryptocurrencies, Solana has demonstrated its ability to quickly rebound from adverse conditions in the past. This has led many to believe thatSolana is well-positioned to make significant gains once the market conditions improve. While it is unlikely that Solana will reach its all-time high in 2022, there is a good chance that it will outperform other cryptocurrencies in the coming year. This makes Solana an attractive investment for those looking to capitalize on the next bull market.
Is Solana failing?
It seems like the Solana network can’t catch a break. In the first five months of this year alone, it has suffered five outages – and that’s not even counting the partial outages that have occurred. This most recent outage was caused by a bug-related consensus failure, and it has left many users frustrated. Solana has been struggling with stability issues for some time now, and these outages are only making things worse. Many are beginning to wonder if the network is simply too unreliable to be used for anything other than testnet applications. Only time will tell if Solana can turn things around, but for now, it seems like the network is in for a long and difficult year.