SOL still shows some weaknesses The crypto market was hit by a network congestion that cost more than $ 43,000, forcing Binance to temporarily disconnect at various intervals through the network. At the time of writing this article. SOL / USD It sells for around $ 151.64.
Solana is still struggling with network congestion.
The high-speed network continues to expand this week. One week ago, the developers of the blockchain took to Twitter to announce that the impact on the network’s performance was due to the large number of transactions that were creating unsuccessful transactions for other users. Following this, blockchain founder Anatoly Yakovenko Solana denied that she was being attacked by DDOS and that it was network congestion.
However, as matters continue, the leading crypto exchange Binance has decided to discontinue periodic interruptions to its users on the Solana network, even as it collaborates with the project to find a stable, long-term solution. Although the frequency of unsuccessful transactions has decreased since last week, many users have highlighted the problems they face in dealing with Solana.
Bank of America compares Solana to a visa.
Although network congestion is plaguing one of the fastest blockchains on the market, investors in the Ethereum killer have some relief. According to a recent study shared by the Bank of America (BoA), Solana has the potential to become a “digital asset ecosystem visa” due to its high usability, scalability, ease of use and low transaction costs.
According to Boa analyst Alkash Shah, “Solana prioritizes expansion, but the relatively small decentralized and secure blockchain has been seen in many network performance issues since its inception. Ethereum also prioritizes decentralized management and security, but due to its limited capacity, network congestion and transaction fees are higher than the occasional transaction.
SOL / USD Technical Analysis
On the SOL / USD H4 chart, most small and medium term moving averages also suggest buying MACD interest. However, the 100 EMA, 200 EMA and Speed Indicator indicate some depressive activity.
SOL / USD
The price of Solana is currently above $ 150.02, but is immediately below $ 167.24. Let’s see if buyers stay in the market to keep SOL trading above the PP mark.