Solana has set a target of profit to $250. This was done keeping in mind their movement downwards which has resulted recently. This curve has led to the formation of a continuation that is classically bullish in structure. The SOL slipped further down in the market on 17th September. A high-risk network cut concerned the traders very much. It made the traders worry about the risk factor and also daunted their confidence. Let us find out more about the issues Solana had to face.
Solana Takes A 40% Dip In Prices
The prices have drastically gone down for Solana. The current week recorded a massive decline in the prices by forty percent. The SOL rate of exchange depleted down to 13.27% as it hit a new low. The last recorded amount stood at $133.5. This price was below the price of $221.38 that topped 9th September.
The most heartbreaking news for Solana is that it has been doing fairly well in recent months. The company managed to triple its price over thirty days. The layer one solution from the Solblockchain is regarded with high respect. It is regarded as Ethereum’s direct competition. The high speed and smooth experience have given them great exposure. Solana also provided a very low cost of transaction than its competitors.
Solana suffered a huge setback when its entire network was cut off. The 14th of September fiasco will be an incident the company would like to forget. The network recorded a sudden overload in transactions. The number of transactions went up to 400,000 per second. This resulted in the network coming crashing down. The network could not be restored for eighteen hours. This created a sense of insecurity among its traders. It now remains to be seen how quickly the firm can bounce back.