Solana (SOL) news as of 06/08/2022
The outage, which lasted several hours, was corrected by the validators, who had to disable the feature and reboot the entire network. Meanwhile, the price of SOL took a hit as the blockchain-native cryptocurrency fell in the market.
Outages are increasing at Solana, as this is the eighth outage of the network. These repetitive bugs call into question the solidity of this very successful network in terms of transactions per second. Currently, SOL is trading at around $40.6.
Mid-Term Solana (SOL) Price Prediction
Between $30 and $40, Solana is a good investment. From this level, the price of SOL should quickly break above $100 should the crypto market rise.
Long Term Solana (SOL) Price Prediction
The $250 highs reached in November 201 may well be rallied. But on condition that Solana stabilizes and there are no more network outages that panic investors.
Opinion on the Solana project
Solana was THE flagship project of 2021. But its blockchain could lose its status as Ethereum killer number 1 because of frequent breakdowns on its network which mitigate the confidence of investors.
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What affects the Solana (SOL) value?
- Network outages
- Loss of competitiveness against competing level 1 blockchains (Cardano, Avalancheetc).
- Adoption of Solana Pay.
What is Solana (SOL)?
Solana (SOL) is the native and utility crypto of the Solana blockchain. The network was launched in March 2020. The SOL crypto serves for the transfer of value on the blockchain. It also makes it possible to secure the blockchain thanks to staking.
Solana is a decentralized blockchain developed to enable the hosting of decentralized applications (DApps), just like Ethereum.
How does Solana work?
Proof-of-history is at the heart of Solana’s protocol. A series of calculations that produce a digital record confirms that an event has occurred on the network at a given time. It can be described as a cryptographic clock that assigns a timestamp to every transaction in the network.
The network works like Ethereumserving as an investment platform (staking, yield farming), issuance of NFTs, and transfer of values and creation of DApps of any kind (game, NFT platform, social network, etc.)