Solana Down 14% This Week Following Latest Network Outage.
Despite their slight recovery these past few months following the collapse of FTX late last year, Solana has been seeing its price slowly fall once again this past week after experiencing some network issues over the weekend which caused some bearishness within the community.
After experiencing a whopping 11 major outages in 2022, the Solana network recently experienced its latest outage, the first of this year, this past weekend. This outage lasted more than 18 hours and caused users to be unable to make any transactions within the network within that time period.
Since then, the team has launched an investigation into finding out the cause of the outage, though no answers have been found yet, with Solana developers writing that the “root cause is still unknown and under active investigation” on Monday.
— Richard Heart (@RichardHeartWin) February 25, 2023
Solana Down Double Digits
The latest outage has caused some massive criticism from the community, with many arguing that Solana has experienced far too many outages to be considered a top cryptocurrency.
Part of this bearishness from the community has caused Solana to see its price fall by double digits this past week. According to data from CoinGecko, in the past 7 days, Solana’s price sunk by up to 14.6%. The cryptocurrency’s price has fallen even further by 2.4% in the past 24 hours.
Solana is now trading at a price of $22.21 at the time of writing, much better than it’s previous low of $8 earlier this year, but still down by 74% compared to it’s price in early 2022.