Cyber Capital CIO Justin Bons criticizes the technological architecture of the Solana network on Twitter. The founder claims that Solana misled investors.
Experienced investor worried among Solana investors
Justin Bons, CIO and researcher of the Cyber Capital Fund, listed reasons to stay away from SOL as a potential long-term investment. Investor criticizes Solana for centralization, SOL supply manipulations and team’s “weak behavior” Bons recently tweeted about Solana and SOL on Twitter. Above all, he emphasized that SOL is the only Blockchain that has suffered seven disruptions in recent months.
1/25) Solana has far too many red flags
Blockchains should never have downtime
Yet SOL has gone down at least 7 times since I first spoke out!
A consequence of their own design decisions
There are many examples of lies, fraud & bad design
Exposing a pattern of bad behavior:
— Justin Bons (@Justin_Bons) July 22, 2022
As we quoted as Kriptokoin.com, Solana experienced a series of outages in 2021-2022. The project team had to reboot the Blockchain to bring back the transaction confirmation system.
The Solana team then frequently made false claims about the actual amount of SOL in circulation. The Cyber Capital CIO recalls that a report has disclosed a SOL wallet containing 13 million tokens. Additionally, he says that Solana’s (SOL) claim that it can handle more than 400,000 transactions per second is not entirely true.
Solana community reacts to Justin Bons’ statements
Bons doesn’t think Solana’s PoH consensus design is innovative. According to him, Blockchain is vulnerable to both validator attack and 51% attack as soon as the next block producer is predicted. Finally, he claimed that Solana’s recently launched Android smartphone was intended to “pull money”.
In June, Solana unveiled “Saga,” an Android phone with features closely integrated with Solana at an event in New York. According to experts, the phone will be Solana’s biggest move in mobile-focused growth. However, Solana’s smartphone project has seen backlash from key figures like Charles Hoskinson.
The Cardano founder made fun of Solana’s phone by raising the issue of network outages. Hoskinson hinted that the mobile will also see performance issues like Solana.
SOL price amid these criticisms
The SOL saw an upside break last week from inside a descending channel. After closing above the 20 EMA (red) and the 50 EMA, the buyers showed their advantage in the current structure. The long-term downward channel of the SOL has pulled the price towards the baseline of $28 by mid-June. Downside trends have weighed on short-term buying rallies.
Analyst Yash Majitia says SOL price will head towards $46.5 in this environment. This is because Solana managed to break the above pattern upwards. According to the analyst, this level will also be the point where investors prefer to take profits. As a result, according to Majitia, it is necessary to closely monitor the SOL and BTC relationship over a period of time.
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