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      Will Solana (SOL) Bounce Back Anytime Soon? 3 Things to Know - Stocks Telegraph

      By Muskan

      Published on

      January 24, 2022

      10:06 AM UTC

      Will Solana (SOL) Bounce Back Anytime Soon? 3 Things to Know - Stocks Telegraph

      Solana – the right largest cryptocurrency – is struggling amidst bearishness in the cryptocurrency market. The network has been suffering from outages as the cryptocurrency market is in a massive sell-off; however, the developers were quick to work on the issues and for now, the system’s update shows all systems to be fully operational. The bearish market along with the network’s issues have resulted in a 40% loss of value during the week. 

      Mainnet Outages 

      The Mainnet Beta of the network shows partial outages for around 12 hours on 21st January and for 17 hours on 22nd January. The Mainnet Beta – RPC Nodes and the Explorer also suffered from outages. The Solana team has attributed the issues to the market volatility but this is not the first time the network has suffered from such kinds of issues which has also led to debates about the fragility of the cryptocurrency market and how it may not yet be ready for a mass-scale adoption. 

      Solana NFT sales cross $1 billion 

      On the other hand, there have also been talks about Solana giving a run to Ethereum for its money as SOL is gaining in the NFT segment. With non-fungible tokens now comprising a significant chunk of the broader cryptocurrency market, they pose an attractive channel to gain an edge over other cryptocurrencies and SOL is fully utilizing that. The total NFT sales volume crossed $1 billion for the first time. While Ethereum is considered the pioneer of the NFT segment, it suffers from various network issues in the form of congestion and high gas fees which is why SOL is gaining as a better alternative to the queen of the market. Solana still has a huge way to go if it wants to compete with the queen as Ethereum is home to some of the most high-profile NFT collections like Bored Ape Yacht Club and more but the steady inflow into SOL’s NFTs suggest, that day may not be too far. 

      Hacker House Inaugural World Tour 

      Moreover, the network has also introduced Solana Hacker House Inaugural World Tour which is a series of six-week-long hacker houses that has invited builders from all over the world. Network builders will be equipped with the necessary tools to help them find innovation. Builders will be connected with collaborators and the brightest minds of the network. If the developments continue at their current pace, Solana may soon reverse its trajectory.

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