Yesterday was not a outstanding day for the homeowners of the native token for the “Ethereum Killer”. The group announced that Solana suffered a serious outage which led to over a seven-hour downtime on its Community.
According to the group, the downtime was brought on by an “monumental quantity of inbound transactions” from NFT minting bots. Standing at $96 earlier than the downtime, the community’ s native token SOL shortly declined by 5% leaving it at $89.86 on the time of this press. What do we all know concerning the coin’s efficiency previously 24 hours?
Worrying statistics…
Following the extended downtime on the Community, the value of SOL went on a downward development shedding 5% within the final 24 hours. This represented a 65.44% from an ATH of $260.06 which it recorded final November. Within the early hours of immediately, the RSI additionally slipped into the oversold area at 20.52 indicative of elevated distribution.
This might have been skeptical buyers exiting their positions within the face of the uncertainty led to by the downtime. On the time of this press, the RSI stood at 38 indicating a reversal and a push in the direction of the 50-neutral area.
Elevated bearish exercise that plagued the token was additionally confirmed by the place of the 50 EMA. This stood above the value and had since been for the reason that worth 22 April.
Supply: TradingView
Additional, the final 24 hours was additionally marked with a pointy decline out there capitalization for the native token. SOL’s market cap suffered a major decline from $30 billion to $27.74 billion just a few hours into the downtime.
Nonetheless, this has since been corrected because the market cap regained its losses and stood at round $30 billion on the time of this press. Additionally, the quantity of transactions appeared to have grown within the final 24 hours. On the time of this press, this stood at 1.66b, a 22% spike from the 1.29 billion recorded yesterday.
These may imply that buyers are again buying and selling the token. This could be because of Solana’s announcement of makes an attempt to restore consumer providers over the following a number of hours.
Supply: Santiment
On the chain…
At 337 on the time of this writing, Growth Exercise for the SOL token appeared to have taken on a gentle improve final month. Even following the downtime, no sharp decline in Growth Exercise was recorded.
The previous couple of months have been marked with elevated elevated adoption of the Solana’s mainnet beta community. This was confirmed by the rising index for the Growth Exercise for the Community’s native token, SOL.
Supply: Santiment
Nonetheless, on a social entrance, the token misplaced some traction within the final 24 hours. The Social Dominance for the token fell by a slight 1% from 4.06 to three.993 within the final 24 hours. Additionally, at a Social Quantity of 955 on the time of this writing, a 70% decline was recorded on this entrance within the final 24 hours.
Is SOL actually an “Ethereum-Killer”?
Solana Community previously few months has been stricken by community congestion brought on by elevated adoption. This has annoyed person transactions. With over 2 downtimes recorded this yr alone, the community seems to have an extended solution to go to actually reside as much as its tag because the “Ethereum Killer”.