Solana (SOL), the smart contract functionality blockchain also dubbed as ‘Ethereum killer’, has extended losses in 2022, with the network experiencing recurrent outages in recent months.Solana began 2022 trading at $173 but has since recorded a year-to-date (YTD) drop of about 77%, trading at $39 by press time. Notably, Solana’s YTD plunge is double that of Bitcoin.
Solana, the world’s ninth-largest cryptocurrency, has fallen around 77% in 2022, with the network experiencing recurrent outages in recent months. The smart contract functionality blockchain began 2022 trading at $173, with its current price being $40.83. Over the last 24 hours, the token plunged by over 11% due to another wide-scale outage.
Over the last 24 hours, the token plunged by over 11% in the wake of another wide scale outage where validators on the network could not process new blocks for several hours.
The outage was confirmed by Solana Labs co founder Anatoly Yakovenko who stated the issue was due to a durable transaction nonce that affected the blockchain’s ability to process transactions designed for offline use-cases.
Leave a Reply