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Will Solana (SOL) Price Plunging To $50 is Inevitable? What Lies Ahead?

Author: Elena R

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Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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Highlights
  • Solana fell to yet another outage in the network, for the second time in the month.

  • Investors and users of the blockchain lash the makers for frequent mishaps.

The crypto world’s ails get no relief amidst the crash in the business. As the industry’s one of the most sought-after protocols incurs yet another network crash. Network outages and Solana are now going hand-in-hand, as congestion in the protocol has been occurring in chorus. The instability in the network has enraged investors and users of the blockchain.

The recurring congestion in Solana’s network has been haunting the community. Solana has fallen to congestion for the second time in the month of January. The outage has lasted for over 48-hours, crossing the limits of the outage from September. While the makers have released the update to the mainnet, investors and users have been lashing the makers and debriefing the credibility of the network.

Will  Solana Remain Cornered By Its Limitations?  

The Solana team first noticed the congestion on the 21st of January at about 00:00 UTC. The congestion in the network is recurring on a regular basis on Solana’s network, and this is the second outage in the month. The congestion is said to be caused by excessive duplicate transactions made by bots.

The issue was then resolved after the release of 1.8.14, which is programmed to mitigate the worse effects of the issue. From reliable sources, it is learned that 1.8.12 was aimed to improve the issues of program cache exhaustion, which has been responsible for degradations in performances. It is confirmed that the forthcoming upgrades would improve the network, which is expected to roll out in the next 8-12 weeks. 

The 48-hour long network instability has fumed investors and users of the protocol. The network outage has surpassed its limits from September when the network was down for about 17-hours. The limitations have been setting it back at numerous fronts, Solana has been losing its dominance in the world of DeFis. As Fantom has made it to second place with TVL.

As previously mentioned, the frequent outages in Solana’s network and the prevailing congestion have fumed investors and users. Which has led to them questioning the potential and credibility of the network. The community has been longing for a permanent solution to the case, which has been burning the pockets of the masses in the business.

Concluding, Solana’s limitations have been turning into a major setback. And has been dragging the protocol from its hegemony at numerous fronts. Consecutively, the SOL price in the bustle of the crash and the network congestion has lost 11.9% of gains and is presently trading at $87.69. That said, a resolution if not passed will further deteriorate the strength of the community and the protocol’s hold in the business.

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Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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