Solana (SOL) Bullrun Gains Evaporated as It Drops to 2021 Levels

Please fol­low and like us:
Pin Share


article image
Arman Shirinyan

Despite los­ing all of 2021’s gains, SOL is still up mas­sive­ly since ini­tial offering

Pre­vi­ous­ly, mar­ket-lead­ing Solana—which should have become the next “Ethereum killer”—failed to live up to its nick­name and lost all of its gains since sum­mer 2021, fol­low­ing the fall of the NFT and DeFi industries.

As the dai­ly chart of the coin sug­gests, Solana is cur­rent­ly trad­ing at the lev­el of August or July of last year. The coin’s per­for­mance since its all-time high reached back in Novem­ber is at approx­i­mate­ly 85%.

SOL Chart
Source: Trad­ingView

Since Novem­ber, Solana has been mov­ing in a strong down­trend, which it has not bro­ken for over 200 days. Cur­rent­ly, the price of the coin is at the low­er range of the trends, show­ing that there could be a short-term bounce ahead.

Fundamental problems of network

Unfor­tu­nate­ly, the demand for DeFi and NFT projects is not the only issue with Solana. Ethereum max­i­mal­ists and Solana haters are using the “Sqlana” nick­name for the coin more than ever, fol­low­ing con­stant down­times and oth­er issues with the network.

Ads

Recent­ly, Solana had anoth­er down­time fol­low­ing the com­plete out­age of the net­work. Fol­low­ing issues with the blockchain, the sell­ing vol­ume on the mar­ket spiked to a high level.

Some pro-Ethereum users are jok­ing about the exis­tence of a “Solana sta­tus page” which tracks the per­for­mance of the net­work and any type of issue it cur­rent­ly has. The exis­tence of such a ser­vice is a curios­i­ty for any blockchain-based prod­uct or ser­vice and is more tra­di­tion­al for Web2 web­sites and platforms.

But despite the neg­a­tive price and tech­ni­cal per­for­mance in recent months, Solana is still up mas­sive­ly since the ini­tial offer­ing, result­ing in around 2,500% prof­it for the ear­li­est investors.

At press time, SOL is trad­ing around $40 but strug­gles to gain a foothold above the psy­cho­log­i­cal resis­tance level.

Source link

Please fol­low and like us:
Pin Share

Leave a Reply

Your email address will not be published. Required fields are marked *