{"id":28885,"date":"2022-06-02T06:27:10","date_gmt":"2022-06-02T10:27:10","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=28885"},"modified":"2022-06-02T06:27:17","modified_gmt":"2022-06-02T10:27:17","slug":"solana-sol-tumbles-15-during-outage-will-there-be-more-losses","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/solana-sol-tumbles-15-during-outage-will-there-be-more-losses\/","title":{"rendered":"Solana (SOL) Tumbles 15% During Outage, Will There Be More Losses?"},"content":{"rendered":"\n

Solana (SOL) price has suffered a near 15%<\/a> year low loss when developers shut down the blockchain following a problem in the durable nonce transactions feature halted block production for over 4 hours. <\/p>\n\n\n\n

\"Solana<\/figure>\n\n\n\n

Users seemed to be losing faith in Solana after it experience problems for the ninth time in a year. Furthermore, as all Solana applications and features cease to operate as a result of the shutdown, people begin to question the decentralized nature of the platform.<\/p>\n\n\n\n

Solana price plunges amid string of problems<\/strong><\/h3>\n\n\n\n

Solana considered an “Ethereum killer” for handling large transactions on its blockchain at a lower cost, appears to be failing as it has its second outage in a month and ninth outage in less than a year. The Solana blockchain was offline for about 7 hours in early May. The most recent outage lasted over 4 hours, with validators forcing a Mainnet Beta\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> restart at 9 p.m. UTC after upgrading to v1.10.23.<\/p>\n\n\n\n

The series of outages and degraded performance on the Solana blockchain is pushing the prices to decline further. In fact, the Solana blockchain clock is 30 minutes behind real-world time because of the longer-than-normal block times. Moreover, Solana has also been plagued by issues related to non-fungible token (NFT) minting.<\/p>\n\n\n\n

The SOL price has dropped to $38.36 in the last 24 hours, its lowest level since August 2021. If prices continue to fall below the critical $38 support level, it could push SOL to fall below $33, the next support level. The technicals are also not looking good, with the RSI and moving averages indicating that the price of Solana will continue to tumble.<\/p>\n\n\n\n

Solana registered a liquidation of about $7 million in the last 24 hours. Binance, OKX, and Bitfinix all recorded liquidations of mostly long positions.<\/p>\n\n\n\n

Blockchain suffers criticism from community<\/strong><\/h3>\n\n\n\n

The recent global shutdown of the Solana blockchain sparked a backlash from the community. Moreover, several Reddit users have questioned the blockchain's decentralized nature<\/a>, as the impact was seen globally on Solana-related applications. Many users on Twitter are planning to move away from the project.<\/p>\n","protected":false},"excerpt":{"rendered":"

Solana (SOL) price has suffered a near 15% year low loss when developers shut down the blockchain following a problem in the durable nonce transactions feature halted block production for over 4 hours. Users seemed to be losing faith in Solana after it experience problems for the ninth time in a year. Furthermore, as all […]<\/p>\n","protected":false},"author":32,"featured_media":23139,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[81],"tags":[],"class_list":["post-28885","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-altcoin-news"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/04\/solana-3.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/28885","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/32"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=28885"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/28885\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/23139"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=28885"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=28885"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=28885"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}