|

Solana beats all other blockchains despite degraded performance, says FTX Sam Bankman-Fried

  • Sam Bankman-Fried believes that the Solana network is superior to other blockchains despite its recent outages. 
  • The demand for Solana has reached the altcoin’s supply, and the Ethereum-killer’s network is struggling with congestion. 
  • Experts argue that getting liquidated in their positions due to the Solana outage degraded their crypto portfolio returns. 

The Solana network suffered an outage several times over the past two weeks. Users complained about failed transfers, and the Ethereum-killer revealed that DeFi investors drove a spike in complex transactions. 

Solana remains superior to other blockchains despite outages

The Solana network’s degraded performance has raised questions about the altcoin’s relevance and reliability. Sam Bankman-Fried, the FTX exchange CEO, argued that Solana is superior to other blockchains despite outages and degraded performance. 

Bankman-Fried believes that the Solana network is degraded relative to its historical performance, and that implies it remains superior to other blockchain networks. The CEO of FTX exchange is focused on the Solana blockchain’s outcome, highlighting that the network still processes more transactions than all major cryptocurrencies. 

Larry Cermak, VP of research at the Block, considers that the Solana network’s outage liquidated traders’ positions and negatively impacted the performance of their crypto portfolios. This implies that Solana may not be the most superior blockchain after its degraded performance over the past few weeks. 

The team behind the Solana network revealed that DeFi users were behind the complex transactions hitting the Ethereum-killer’s blockchain, slowing it down. 

Analysts have evaluated the Solana price trend and predicted a recovery. @MacroCRG, a pseudonymous cryptocurrency analyst, believes that Solana price is approaching the first area of interest, and there could be a reaction at this make or break point. 

FXStreet analysts believe that Solana price could hit $120. 

RELATED CONTENT

Dogecoin price searches for reliable support before bulls plan massive comeback

Dogecoin price has formed a parallel channel on the daily chart as DOGE continues to consolidate and confuse forecasts. The canine-themed token is likely to continue to move sideways between clearly defined technical levels. Dogecoin price may continue to be sealed within the prevailing chart pattern, between the upper and lower boundaries. While selling pressure has increased, as indicated by the Arms Index (TRIN), DOGE may fall further to tag the lower boundary of the governing technical pattern at $0.133, which should act as reliable support for Dogecoin price. If Dogecoin price manages to rebound, DOGE will face immediate resistance at the 21-day Simple Moving Average (SMA) at $0.161, then at the 50-day SMA at $0.168. An additional hurdle will emerge at the 23.6% Fibonacci retracement level at $0.179. Dogecoin price will meet another challenge at the middle boundary of the prevailing chart pattern at $0.209, where the 100-day SMA and 38.2% Fibonacci retracement level intersect.Read more

Author

Ekta Mourya

Ekta Mourya

FXStreet

Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.

More from Ekta Mourya
Share:

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

By subscribing you agree to our Terms and conditions.

Editor's Picks

Avalanche struggles near $12 as Grayscale files updated form for ETF

Avalanche trades close to $12 by press time on Wednesday, extending the nearly 2% drop from the previous day. Grayscale filed an updated form to convert its Avalanche-focused Trust into an ETF with the US Securities and Exchange Commission.

Bitcoin slips below $87,000 as ETF outflows intensify, whale participation declines

Bitcoin price continues to trade around $86,770 on Wednesday, after failing to break above the $90,000 resistance. US-listed spot ETFs record an outflow of $188.64 million on Tuesday, marking the fourth consecutive day of withdrawals.

Michael Selig assumes role as new CFTC Chair, what does this mean for crypto?

Michael Selig has been sworn in to serve as the 16th Chairman of the Commodity Futures Trading Commission. Selig was confirmed by the US Senate to head the commission last week, following his October nomination by the US President Donald Trump.

Crypto.com hires sports trader for event prediction market-making

Crypto.com plans to recruit a quant trader for the sports market-making team to buy and sell financial contracts related to these events. Opponents argue that internal trading desks put operators or their affiliates on the opposite side of customer trades. 

Orange Juice Newsletter – Smart insights by real people. Every day.

A free newsletter highlighting key market trends to help traders stay a step ahead. Daily insights on the most relevant trading topics, compiled by our experts in an easy-to-read format so you never miss an important move.

Bitcoin: Fed delivers, yet fails to impress BTC traders

Bitcoin (BTC) continues de trade within the recent consolidation phase, hovering around $92,000 at the time of writing on Friday, as investors digest the Federal Reserve’s (Fed) cautious December rate cut and its implications for risk assets.