The Solana network suffered an outage several times over the past two weeks. Users complained about failed transfers, and the Ethereum-killer revealed that DeFi investors drove a spike in complex transactions.
The Solana network’s degraded performance has raised questions about the altcoin’s relevance and reliability. Sam Bankman-Fried, the FTX exchange CEO, argued that Solana is superior to other blockchains despite outages and degraded performance.
Bankman-Fried believes that the Solana network is degraded relative to its historical performance, and that implies it remains superior to other blockchain networks. The CEO of FTX exchange is focused on the Solana blockchain’s outcome, highlighting that the network still processes more transactions than all major cryptocurrencies.
Larry Cermak, VP of research at the Block, considers that the Solana network’s outage liquidated traders’ positions and negatively impacted the performance of their crypto portfolios. This implies that Solana may not be the most superior blockchain after its degraded performance over the past few weeks.
The team behind the Solana network revealed that DeFi users were behind the complex transactions hitting the Ethereum-killer’s blockchain, slowing it down.
Analysts have evaluated the Solana price trend and predicted a recovery. @MacroCRG, a pseudonymous cryptocurrency analyst, believes that Solana price is approaching the first area of interest, and there could be a reaction at this make or break point analysts believe that Solana price could hit $120.
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