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Solana has network problems again? Price down 67% from peak



 For the past few days, Solana has experienced degraded performance, including sluggish and failed transactions.


Late last week and over the weekend, Solana users took to social media and Discord to complain about common issues. Transactions on the network stalled, often taking significantly longer than normal to complete or failing altogether as the network struggled to maintain its typical throughput, measured in transactions per second (TPS). And the problem doesn't seem to be resolved yet.


The problem with the validators, who use their computing power to check the network, was caused by an excessive number of duplicate transactions, according to a notice on the Solana website in January. The notification said:


“The Solana mainnet beta is experiencing high network congestion. The last 24 hours have shown that these systems need to be upgraded to meet user demands and support the more complex transactions that are now common on the network.”


This could be the reason why SOL slipped from the fifth to the eighth position among the largest crypto tokens. It has lost two-thirds of its value from its peak of $260 last November. The crypto token traded at $86.5 on Monday. In the past 24 hours, Solana is down more than 17 percent, with traded volume down about 25 percent over the period. The volume in this token has remained low lately.


Analysts also think that people are migrating to other cryptocurrencies as they offer lower gas fees and also allow for faster transactions, which doesn't bode well for Solana.


Earlier this year, news broke of a third distributed denial of service (DDoS) attack in less than six months. This followed an attack in late 2021 that impacted network performance for hours. On January 4th, Solana was reportedly offline for 4 hours.


About Solana


Solana is a highly functional open-source project that leverages the permissionless nature of blockchain technology to offer DeFi. The idea and initial work on the Solana project started in 2017 and the token was officially launched in March 2020 by the Solana Foundation based in Geneva, Switzerland. Solana is a Layer 1 token that is the base layer for cryptocurrencies, including Bitcoin.

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