Solana (SOL), the 9th largest coin by market cap, crashed again on the night of June 1st. This glitch caused the altcoin price to drop by over 5%. However, Coin Bureau analyst, the million-subscribed Youtube channel, says it’s on a bullish trend in Solana despite the recent network outages.
Coin Bureau analyst considers Solana (SOL) network outages a “battle test”
During a discussion about YouTube program “Digital Asset News“, Coin Bureau host “Guy”, altcoin He said he trusts SOL despite the drop in price and multiple outages of the Solana network. Guy reminds me that Solana is currently in beta. He also says he sees the outages as a “battle test” for the network rather than any significant damage.
Analyst, such cuts of altcoin projects
Guy took a positive turn on the outages, conceding that they were worrisome for the smart contract platform and “not a good outlook”. However, he noted that every Blockchain project has its own weak points and failures, and the outages are just Solana’s own brand of flaws. The analyst predicts that SOL will bounce back from the current price drop and the team will eventually close the security announcements. In his YouTube video Guy says:
I’m confident because they have a tremendous amount of support. There are a lot of developers working on it. As it turns out, it’s actually quite difficult. It’s actually one of the more difficult ones to develop. I think [Solana founder] Anatoly said it’s a bit like eating glass.
Guy highlights Solana’s “amazing” actions per second. He also says that this provides a significant incentive for developers to develop. Additionally, he noted that the developers were attracted by the large amount of capital tied to the smart contract platform, and the only real concern was the so-called difficulty of blockchain in coding. However, Solana, despite all these positive features, experienced another downtime in early June.
Why does Solana crash?
Altcoin crashed again on the night of June 1st. It was a 4-and-a-half-hour crash, reported by the Solana team in instant tweets. This is the latest crash in a series of network outages in less than a year. As
Cryptokoin.com, the Solana network experienced 11 such network outages in the first quarter of 2022. It suffered another seven-hour blackout on May 2. In May, the network was congested due to a record four million transactions from NFT mint bots.
Solana (SOL) is trading at $32.27 at the time of writing. It has lost 7% of its value in the last 24 hours. With this decline, it is down 87.45% from the ATH price of $260.06.
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