Solana plummets amid crypto market chaos

Solana (SOL) has been one of the hardest hit altcoins during the current bearish crypto market, falling more than 17% in the past 24 hours.

The cryptocurrency market is in freefall with Bitcoin and Ethereum down 20% and 30% over the past week, with the slump of the stock market being discussed as a reason for the performance of the market.

It’s been a trying start to 2022 for the crypto market with Bitcoin reaching its lowest level on the daily RSI (relative strength indicator) since March 2020.

In the top 20 biggest cryptocurrencies, only Polygon (MATIC) dropped further in value (42.04%) than Solana (40.44%), according to market data from Coin Rivet.

Alongside the brutal drop of SOL, the network suffered a second outage in January, with the latest one lasting for 48 hours.

The outage was first noticed by the Solana team on Friday January 21 before identifying the cause on Saturday and resolving the issue on Sunday.

The team announced the adoption of v1.8.14 – a new version of the network they said will be aimed at targeting the effects of the outages.

“These forthcoming releases are aimed at improving the state of the network, with more improvements expected to roll out in the next 8-12 weeks,” the team said.

“Many of these features are currently live on Testnet, where they are being rigorously tested.”

Future of the network

Solana had suffered heavily with outages in 2021 with its mainnet being out of service for 17 hours in September.

Jim Greco, a former executive at KCG, had stern words to say about the Solana network after its latest outage and insisted the price drop wasn’t a concerns, but the network failures were.

“I don’t care about the price,” he expressed.

“But I can’t get anything done on the network, how many times is this going to happen at exactly the time when the network needs to perform the most?”