What’s Happening With Solana (SOL)? Blockchain Shows Bizzare Stats

Photo of author
Written By Maya Cantina

Fri, 5/04/2024 – 8:43

Cover image via www.freepik.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Solana has been facing some issues lately. Around 75% of transactions on Solana are not going through as they should. This started when people trading meme coins on decentralized exchanges noticed that many of their transactions were failing or having problems, especially when they were using Raydium pools.

Advertisement

This is not just happening to meme coin traders, though. Regular Solana users are also having trouble moving their money around, whether sending it to other wallets or to exchanges.

SOLUSDT
SOL/USDT Chart by TradingView

These issues are a surprise for Solana, which is usually known for a high throughput and stability. But now, these issues are affecting Solana’s value on the market. When we look at the price chart, we can see that Solana’s price has gone down by 5%. One of the reasons behind that reaction could be tied to the fact that traders are afraid of yet another outage.

The price of Solana is now $174.40, and it looks like the trouble with the transactions might be making people less confident in the network in general. The next important price to watch is $152.46. This is where the 50-day average price is, and it is a place where the price might stop falling. But if it does not stop there, the price could go down even more, possibly as low as $132 or $101.

With the whole crypto market not doing so well right now, the problems with Solana are extra bad timing. People who have money in SOL or who were thinking about buying it are probably worried about these issues. 

The recent issues with Solana are making people think twice about it, and we can see this worry showing up in the price of SOL. Hopefully, the network will withstand the current pressure and recover successfully.

SOURCE

Leave a Comment

data data data data data data data data data data data data data data data data data data data data data data data data data data data data data data data data data data data data