According to a recent analysis by Santiment, an on-chain analytics company, Solana is currently being written off as it experiences the most negative sentiment in months.
Since Solana is still 87% below its all-time high of $259, which it reached in November of last year, the reason for the negative sentiment is not far-fetched. Like every other cryptocurrency, Solana has underperformed this year, falling 78.3% so far in 2022.
Solana remains down 87% from its all-time high
According to CoinGecko data at the time of publication, SOL, the native asset of the Solana blockchain, was trading at $33.38, a decrease of 1.9% over the previous 24 hours.
According to Santiment, Solana is worth keeping an eye on because, despite the fact that sentiment against SOL has returned to levels seen in late July, there has not yet been much of a market reaction. It pointed to a positive aspect of Solana’s current circumstance: However, with this much FUD, it might be a good sign.
Following the glitch that occurred over the weekend, the Solana blockchain is now operational. This is the most recent in a series of outages that have befallen crypto networks in less than a year.
Validators were unable to process blocks because of an error in the configuration of a system node; consequently, Solana’s network experienced yet another outage.
Solana’s network has previously been briefly disrupted by an error. In June, the digital asset’s support system went down for four hours.
In January, traders were enraged by service disruptions and blackouts that lasted up to 18 hours. As a result, they were unable to sell their tokens and saw the value of their portfolios decrease.
ALSO READ: Terra CEO to lose passport in a month
Solana received harsh criticism
Solana was met with harsh criticism from the cryptocurrency community both during and after the downtime. On Twitter, CyberCapital’s founder and chief information officer, Justin Bons, slammed Solana, citing a track record of glitches, setbacks, hacks, and scandals.
Nevertheless, the Solana NFT ecosystem has been steadily expanding despite a number of unfortunate events. The NFT market on Solana increased to 24% of the market in September. During the month, MagicEden led the market with over 90% of all transactions, bringing in over $135 million.
