Solana (SOL) Price Faces Heat as Bears Continue to Dominate

Solana (SOL) Price Faces Heat as Bears Continue to Dominate

  • A distributed denial-of-service (DDoS) assault was blamed for the most recent outage.
  • Solana has been down 1.29% in the last 24 hours.

During the last three months, Solana’s price has fallen 57% from its December high of $203.39 per coin to trade at $87.33 as of this writing. It also witnessed a significant drop in its Total Value Locked (TVL), a metric of blockchain involvement. According to DeFi Llama, from its December high of $14.92 billion TVL, it has a TVL of $6.84 billion, a 54 percent drop.

Solana is the top staking platform, with roughly $34.1 billion in stake value, or 74.5 percent of the SOL tokens in circulation. In addition to four network disruptions in late 2021 and early 2022, the underperformance may be attributed to other factors. There have been several network disruptions and shutdowns on Solana’s blockchain. TVL and price drops have grown more common, with four occurring between late 2021 and early 2022.

Investors Faith Shaken

A distributed denial-of-service (DDoS) assault was blamed for the most recent outage on January 7, which resulted in Solana Lab’s engineers updating the system and thereby rejecting these sorts of requests. Investors’ faith in the blockchain has been shaken due to these instances, and many have reduced their investment.

Moreover, there was no respite. According to Magic Eden, 178,820 active addresses exist in the past 30 days on non-fungible token (NFT) exchanges, Solana has taken the brunt of the recent downturn in the smart contract industry, according to DappRadar. According to CoinMarketCap, the Solana price today is $87.50 USD with a 24-hour trading volume of $1,274,351,528 USD. Solana has been down 1.29% in the last 24 hours.

The post has appeared first on thenewscrypto.com

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